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PRE & POST TEST QUESTION

Total questions: 25

Worksheet time: 4mins

Name
Class
Date
1.

If the income elasticity of market demand is negative, most consumers view the good as:

a)

a luxury good

b)

having many imperfect substitutes.

c)

an inferior good.

d)

a normal good.

2.

This car are referring to

a)

Normal Goods

b)

Inferior Goods

c)

Luxury Goods

d)

Compulsary Goods

3.

Identify types of price elasticity of demand

a)

Elastic

b)

Inelastic

c)

Unitary Elastic

d)

Perfect Elastic

4.

Identify types of price elasticity of demand

a)

Elastic

b)

Inelastic

c)

Unitary Elastic

d)

Perfect Elastic

5.

Identify types of price elasticity of demand

a)

Elastic

b)

Inelastic

c)

Unitary Elastic

d)

Perfect Inelastic

6.

Identify types of price elasticity of demand

a)

Elastic

b)

Inelastic

c)

Unitary Elastic

d)

Perfect Elastic

7.

Identify degrees of price elasticity of demand

a)

Ed = 1

b)

Ed = 0

c)

0 < Ed < 1

d)

Ed = ∞

8.

Identify degrees of price elasticity of demand

a)

Ed = 1

b)

0 < Ed < 1

c)

Ed = ∞

d)

Ed = 0

9.

What does it mean?

Ed = 1

a)

Perfectly inelastic demand

b)

Inelastic demand

c)

Unitarily elastic demand

d)

Elastic demand

e)

Perfectly elastic demand

10.

What does it mean?

Ed = ∞

a)

Perfectly inelastic demand

b)

Inelastic demand

c)

Unitarily elastic demand

d)

Elastic demand

e)

Perfectly elastic demand

11.

What does it mean?

Ed < 1

a)

Perfectly inelastic demand

b)

Inelastic demand

c)

Unitarily elastic demand

d)

Elastic demand

e)

Perfectly elastic demand

12.

What does it mean?

% change in Qd = % change in P

a)

Perfectly inelastic demand

b)

Inelastic demand

c)

Unitarily elastic demand

d)

Elastic demand

e)

Perfectly elastic demand

13.
Suppose there is a 6 percent increase in the price of good X and a resulting 6 percent decrease in the quantity of X demanded. Price elasticity of demand for X is
a)
0
b)
1
c)
6
d)
36
14.

The price elasticity of demand is a measure of the:

a)

Steepness or slope of a demand curve

b)

Absolute changes in quantity demanded and price

c)

Responsiveness of quantity demanded to a change in price

d)

Sensitivity of the quantity demanded for one good to a change in the price of another good

15.

The basic formula for the price elasticity of demand coefficient is:

a)

absolute decline in quantity demanded/absolute increase in price.

b)

percentage change in quantity demanded/percentage change in price.

c)

absolute decline in price/absolute increase in quantity demanded.

d)

percentage change in price/percentage change in quantity demanded.

16.

The price elasticity of demand is generally:

a)

negative, but the minus sign is ignored.

b)

positive, but the plus sign is ignored.

c)

positive for normal goods and negative for inferior goods.

d)

positive because price and quantity demanded are inversely related.

17.

The concept of price elasticity of demand measures:

a)

the slope of the demand curve.

b)

the number of buyers in a market.

c)

the extent to which the demand curve shifts as the result of a price decline.

d)

the sensitivity of consumer purchases to price changes.

18.
The formula for calculating elasticity of demand is:
a)
The % change in price over the % change in quantity demanded
b)
The % change in quantity demanded over the % change in price
c)
The change in price over the change in quantity demaned
d)
The change in quantity demanded over the change in price
19.
The elasticity of demand for tissues is 0.66. This means the demand for tissues is
a)
elastic
b)
unit elastic
c)
inelastic
d)
really expensive
20.

What does it mean?

Ed = 0

a)

Perfectly inelastic demand

b)

Inelastic demand

c)

Unitarily elastic demand

d)

Elastic demand

e)

Perfectly elastic demand

21.

What does it mean?

Ed = ∞

a)

Perfectly inelastic demand

b)

Inelastic demand

c)

Unitarily elastic demand

d)

Elastic demand

e)

Perfectly elastic demand

22.

What does it mean?

Ed > 1

a)

Perfectly inelastic demand

b)

Inelastic demand

c)

Unitarily elastic demand

d)

Elastic demand

e)

Perfectly elastic demand

23.

What does it mean?

Ed < 1

a)

Perfectly inelastic demand

b)

Inelastic demand

c)

Unitarily elastic demand

d)

Elastic demand

e)

Perfectly elastic demand

24.

What does it mean?

% change in Qd = % change in P

a)

Perfectly inelastic demand

b)

Inelastic demand

c)

Unitarily elastic demand

d)

Elastic demand

e)

Perfectly elastic demand

25.

Oil has seen a decrease in demand of 9%, while the price has increased 13%

a)

1.44 inelastic

b)

1.44 elastic

c)

.69 inelastic

d)

.69 elastic

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