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EPF 3.3 Review

Authored by Marlee McNamee

Social Studies

9th Grade

Used 3+ times

EPF 3.3 Review
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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

Media Image

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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