EPF 3.3 Review
Quiz
•
Social Studies
•
9th Grade
•
Practice Problem
•
Medium
Marlee McNamee
Used 3+ times
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12 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does Price Elasticity of Demand (PED) measure?
The change in supply due to a change in price
How sensitive quantity demanded is to a change in price
The total revenue generated from sales
The cost of production for a product
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How would a doubling in the price of medicine affect its quantity demanded?
Quantity demanded will significantly decrease
Quantity demanded will slightly decrease
Quantity demanded will remain the same
Quantity demanded will significantly increase
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the likely effect on the quantity demanded of luxury yachts if their prices double?
Quantity demanded will significantly increase
Quantity demanded will slightly increase
Quantity demanded will significantly decrease
Quantity demanded will remain the same
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the price of milk doubles, what is the expected impact on its quantity demanded?
Quantity demanded will significantly increase
Quantity demanded will slightly decrease
Quantity demanded will significantly decrease
Quantity demanded will slightly decrease
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the term "inelastic demand" refer to in economics?
Demand that changes significantly with price changes
Demand that remains constant regardless of price changes
Demand that decreases as price increases
Demand that increases as price decreases
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the price of a product with inelastic demand increases, what happens to the quantity demanded?
It falls significantly.
It increases significantly.
It falls a little.
It increases a little.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of a product with inelastic demand?
Luxury cars
Designer clothing
Milk
Electronics
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