Eco 3B Final

Eco 3B Final

12th Grade

10 Qs

quiz-placeholder

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Eco 3B Final

Eco 3B Final

Assessment

Quiz

Other

12th Grade

Practice Problem

Medium

Created by

Kwity Vira

Used 1+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Goods with elastic demand are the best choice for heavy taxation.

TRUE

FALSE

God Know's

Ask Modi

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does elasticity affect factor pricing?

Wages are fixed and unaffected by elasticity

Inelastic demand allows workers to demand higher wages

Elastic demand increases the cost of production

Elasticity only affects producers, not workers

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the long run, demand tends to become

more elastic

less elastic

unitary

all of the above

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Durable goods like washing machines have inelastic demand

True

False

Too tired to answer

🙃Maybe?

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a product takes up a small share of your income, its demand is likely to be:

Elastic

Inelastic

Perfectly elastic

Unit elastic

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Assertion(A): Longer the duration, greater will be elasticity of demand

Reason(R): Consumer can change consumption habit in long run in favor of cheaper substitutes

A is true but R is false

A is false but R is true

Both A and R are true

as R is correct explanation of A

Both A and R are true

but R is not correct explanation of A

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A commodity which has multiple use will have

Perfectly elastic demand

perfectly inelastic demand

Relatively elastic demnad

Relatively inelastic demand

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