Worksheets2° Partial / Economic
Total questions: 30
Worksheet time: 3600secs
1.- Microeconomics studies the behavior of the simplest units
a) True
b) False
2.- The microeconomics studies the households
a) True
b) False
3.- Microeconomics is responsible for studying and establishing the decisions they face on a day-to day basis regarding this reality and describes the best way to maximize their economic well-being.
a) True
b) False
4.- Macroeconomics isn’t the branch of economics that deals with the structure
a) True
b) False
5.- The demand is an economic principle referring to a consumer’s desire to purchase goods and services
a) True
b) False
6.- Supply in economics states that as the price of a good or service increases, the quantity of goods or services increases and vice versa.
a) True
b) False
7.- A product is considered to be elastic if the quantity demand of the product changes more that proportionally when its price increases or decreases.
a) True
b) False
8.- The airline industry is elastic because it is a competitive industry
a) True
b) False
9.- Gasoline is an example of a relatively inelastic good because many consumers have no choice but to buy fuel for their vehicles, regardless of the market price.
a) True
b) False
10.- If price increases the supply is ____ and the demand is _______
a) High and low
b) Low and high
c) Low and low
d) High and high
11.- If the price decreases the supply is _______ and the demand is _______
a) High and low
b) Low and high
c) Low and low
d) High and high
12.- One type of the elastic is or are :
a) High
b) Low
c) Price elasticity of demand
d) All
13.- One type of the elastic is or are:
a) Income elasticity of demand
b) Price elasticity supply
c) Price elasticity of demand
d) All
14.- The formula of price elasticity of demand is equal to % change in the price point / %
change in quantity demanded
a) True
b) False
15.- The formula of price elasticity of demand is equal to % change in the price point / %
change in the price point
a) True
b) False
16.- The % change in price is < % change in demand is equal to elastic
a) True
b) False
17.- The % change in price is < % change in demand is equal to inelastic
a) True
b) False
18.- One example of elastic goods is a services
a) True
b) False
19.- Examples of elastic goods are the cars
a) True
b) False
20.- One example of elastic is the clothes
a) True
b) False
21.- Examples of inelastic goods
a) Gas, car, salt
b) Medicine, corn, gas
c) Corn, car, clothes
d) Watches, gas, car
22.- The formula to the price elasticity of supply is equal to % change in price /% change in
quantity supplied
a) True
b) False
23.- The formula to the price elasticity of supply is equal to % change in quantity supplied /
% change in price
a) True
b) False
24.- The % change in price < % change in quantity supplied is equal to elastic
a) True
b) False
25.- The % change in price < % change in quantity supplied is equal to inelastic
a) True
b) False
26.- The formula to cross elasticity of demand / supply is equal to % change in price of
product B
a) True
b) False
27.- If the result of the formula is equal to 0 is no relationship
a) True
b) False
28.- If the result of formula is < o the interpreting is substitute good
a) True
b) False
29.- The formula of income elasticity of demand is equal to % change in income level
a) True
b) False
30.- The interpreting result of formula of income elasticity of demand can be:
a) Normal good, inferior good, no relationship
b) Substitute good, complementary good
c) No relationship, substitute good
d) All
