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WorksheetsBusinessEcoQuiz1-Aug2024
Total questions: 25
Worksheet time: 19mins
Price of Product Y was dropped from Rs. 15 per unit to Rs. 13 per unit. That led to increase in demand from 86 Units to 98 Units. Calculate the Point Elasticity Ratio.
1.05
-0.60
-1.05
0.86
Price of Product B increased from Rs. 18 per unit to Rs. 22 per unit. It led to drop in demand from 110 units to 80 Units. Calculate the Arc Elasticity of Demand Ratio.
1.20
0.91
-1.23
-1.58
Proportion of Change in Demand is greater than Proportion of Change in the Price for which of the following type of elasticity?
Perfectly Elastic
Relatively Elastic
Perfectly Inelastic
Relatively Inelastic
Unitary Elastic
Proportion of Change in Price is greater than Proportion of Change in Demand in which of the following type of elasticity?
Perfectly Elastic
Relatively Elastic
Perfectly Inelastic
Relatively Inelastic
Unitary Elastic
Demand for which of the following products are expected to be Relatively Inelastic to change in price?
Salt
Aviation Turbine Fuel
CNG for Passenger Vehicles
Domestic Electricity
Sugar
Price has _________ & ______ relationship with Supply and Demand respectively
Direct and Direct
Inverse and Direct
Direct and Inverse
Inverse and Inverse
The correct formula for calculating Point Elasticity of Demand and Price is_______
Change in Price % / Change in Demand %
Change in Demand % / Change in Supply %
Change in Demand % / Change in Price %
None of the above
Which type of Demand Elasticity depends on change in price of substitute or complementary product?
Price
Income
Cross
Advertising
Something that motivates an individual or business to behave or produce favorably is called a/n
reward
grant
incentive
all of the above
What is demand?
the amount of an item you have
how many people want your good/service
the money you have left over after you paid your bills
What type of economy does the United States have?
traditional
mixed
command
market
What is a free market economy?
An economy based on supply and demand with little or no government control
The international exchange of goods
An economy in which decisions are made by the government
An economy that is communist
Which type of economy has central ownership, the government, and lack of individual choice?
Market
Mixed
Command
Traditional
The Law of Supply says that when prices go up, suppliers should -
make more product
make less product
The Law of Demand says when prices go up, people's demand -
goes up
goes down
When demand is high, but resources are limited, what happens to price?
it stays the same
it goes down
it goes up
Which do people compare in order to make choices
supply and demand
costs and benefits
buying and selling
apples and oranges
This picture shows an example of -
good or service
a positive incentive
scarcity
a negative incentive
Economics is all about
making money
government controlling resources
making decisions
none of these
