Basic Formulas and Calculations Quiz

What is the formula for calculating the value of the multiplier using the marginal propensity to consume?

• Multiplier = 1 / (sum of the propensity to save + tax + import)

• Multiplier = 1 / (1 - marginal propensity to consume)

• Multiplier = (1 - marginal propensity to consume) / 1

• Multiplier = (sum of the propensity to save + tax + import) / 1

How do you calculate the percentage change?

• (new value + old value) / 100

• (new value - old value) / new value x 100

• (new value - old value) / old value x 100

• (old value - new value) / old value x 100

What is the formula for calculating the mean?

• Add them up and divide by the number there are

• Subtract the smallest from the largest and divide by two

• Multiply all numbers together and take the square root

• Add the smallest and largest numbers and divide by two

How is the interquartile range calculated?

• Difference between the highest and lowest values

• Difference between the highest value from the first quartile and the lowest from the last quartile

• Sum of the first and third quartiles

• Average of all quartiles

What is the formula for calculating the gradient in graphs?

• Change in X / change in Y

• Change in Y / change in X

• Change in Y + change in X

• Change in X - change in Y

What is the formula for calculating profit?

• TR = P x Q

• Profit = TR - TC

• AC = TC / Q

• TC = FC + VC

How is the Average Cost (AC) calculated?

• AC = TC / Q

• AC = TR - TC

• AC = FC + VC

• AC = change in total cost / change in output

What does PeD stand for in elasticity calculations?

• Percentage change in supply / percentage change in price

• Percentage change in demand / percentage change in price

• Percentage change in demand / percentage change in income

• Percentage change in demand for good x / percentage change price good Y

How do you convert a nominal value to a real value using the CPI?

• Nominal value of new year x 100 / CPI of new year

• Nominal value of new year / CPI of new year x 100

• CPI of new year x 100 / Nominal value of new year

• CPI of new year / Nominal value of new year x 100

What is the elasticity range for inelastic goods?

• 0-0.999999999

• 1

• 0-1

• Greater than 1