Micro Economics Unit 3&4

Micro Economics Unit 3&4

University

21 Qs

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Micro Economics Unit 3&4

Micro Economics Unit 3&4

Assessment

Quiz

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University

Practice Problem

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Created by

Manu Jose

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21 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What does elasticity of demand measure?

How much supply changes in response to price

How much demand changes in response to price

How much price changes in response to supply

How much quantity demanded changes in response to income

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the formula for price elasticity of demand?

Percentage change in price / Percentage change in quantity demanded

Percentage change in income / Percentage change in quantity demanded

Percentage change in quantity demanded / Percentage change in price

Percentage change in quantity demanded / Percentage change in supply

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In the midpoint method of calculating elasticity, what is the formula for percentage change in price?

End value – Start value / Midpoint x 100%

Start value – End value / Midpoint x 100%

End value – Start value / Start value x 100%

End value – Start value / End value x 100%

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the value of price elasticity for perfectly inelastic demand?

0

1

Greater than 1

Infinity

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is a feature of elastic demand?

A small change in price leads to a large change in quantity demanded

A small change in price leads to a small change in quantity demanded

Quantity demanded remains unchanged regardless of price changes

Price and quantity demanded are unrelated

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is an example of inelastic demand?

Luxury cars

Designer clothes

Basic necessities like food and water

Electronics

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What does the production function represent?

The relationship between capital and labor

The relationship between inputs used and outputs produced

The relationship between price and demand

The relationship between elasticity and quantity supplied

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