16371867
Beschreibung
Quiz von Good Guy Beket, aktualisiert more than 1 year ago
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Erstellt von Good Guy Beket
vor mehr als 5 Jahre
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Frage 1
Frage
A good will tend to have an inelastic demand if
Antworten
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The good has many close substitutes
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The good is a luxury
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The market is defined very broadly
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The time horizon is long
Frage 2
Frage
A perfectly elastic demand is represented graphically by a:
Antworten
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relatively steep demand curve
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Relatively flat demand curve
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vertical demand curve
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Horizontal demand curve
Frage 3
Frage
What effect will an increase in the price have on total revenue, if demand is elastic?
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total revenue will increase
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total revenue will decrease
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total revenue will first decrease and then increase
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total revenue will remain unchanged
Frage 4
Frage
The price elasticity of demand tends to be more elastic:
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at points further up and to the left along the demand curve
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at points further down into the right along the demand curve
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when the demand curve becomes steeper
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when the demand curve is vertical
Frage 5
Frage
Suppose that General Cars increases the price of its Cadillac model from $13,500 to 16,500. As a result of this the quantity demanded of the Cadillac model decreases from $600,000 to $400,000 per year. Find the price elasticity of demand of the Cadillac.
Antworten
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3.0
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0.5
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1.5
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0.33
Frage 6
Frage
If a firm needs to increase its total revenue, the firm should ________ the price, if the demand for its product is:
Antworten
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Drop, inelastic
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raise, elastic
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Drop, elastic
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Drop, unit elastic
Frage 7
Frage
Suppose that consumers income rise by 3% and that this causes the quantity demanded for a good to increase by 4.5%. What is the income elasticity of demand?
Antworten
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1.50
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0.67
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— 1.50
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— 0.67
Frage 8
Frage
Suppose that a good has an income elasticity of -2.0. This means that the good is:
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normal
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inferior
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substitute
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a complement
Frage 9
Frage
Suppose that two goods have a cross price elasticity of -0.8, this means that these goods are:
Antworten
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normal
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inferior
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a substitute
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a complement
Frage 10
Frage
The price of good A increases from $4.50 to $5.50. This causes the quantity demanded of good B to increase from 900 to 1100 units per month. Find the cross price elasticity of demand.
Antworten
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— 1.0
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+ 2.0
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+ 1.0
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— 2.0
Frage 11
Frage
Suppose that a regulation is in place that does not allow the price of a good to exceed $5. If this price is above the equilibrium price in the market, this would be an example of a:
Antworten
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binding price ceiling.
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not binding price ceiling.
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binding price floor.
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not binding price floor.
Frage 12
Frage
Suppose that a regulation is in place that does not allow the price of a good to fall below $10. If this price is above the equilibrium price in the market, this would be an example of a:
Antworten
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binding price ceiling.
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not binding price ceiling.
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binding price floor.
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not binding price floor.
Frage 13
Frage
Suppose that a regulation is in place that does not allow the price of a good to exceed $5. If this price is below the equilibrium price in the market, this would be an example of a:
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binding price ceiling.
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not binding price ceiling.
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binding price floor.
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not binding price floor.
Frage 14
Frage
If a price floor is in place and it is binding, the market will:
Antworten
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remain in equilibrium, unaffected by the price floor.
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experience a shortage.
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experience a surplus.
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adjust its equilibrium point toward the price floor.
Frage 15
Frage
If a price ceiling is in place and it is binding, the market will:
Antworten
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remain in equilibrium, unaffected by the price floor.
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experience a shortage.
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experience a surplus.
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adjust its equilibrium point toward the price floor.
Frage 16
Frage
If a price floor is in place and it is not binding, the market will:
Antworten
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remain in equilibrium, unaffected by the price floor.
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experience a shortage.
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experience a surplus.
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adjust its equilibrium point toward the price floor.
Frage 17
Frage
If a tax is imposed on buyers of a good, the ________ curve of the good will shift ________ by the amount of the tax.
Antworten
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demand, upward
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demand, downward
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supply, upward
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supply, downward
Frage 18
Frage
If a tax is imposed on sellers of a good, the ________ curve of the good will shift ________ by the amount of the tax.
Antworten
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demand, upward
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demand, downward
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supply, upward
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supply, downward
Frage 19
Frage
If a tax is imposed on a good and the incidence of the tax ends up falling more heavily on the sellers than on the buyers, this will be because:
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demand is more elastic than supply for that good.
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demand is less elastic than supply for that good.
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the tax was imposed on the buyers of the good.
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the tax was imposed on the sellers of the good.
Frage 20
Frage
If a tax is imposed on a good and the incidence of the tax ends up falling more heavily on the buyers than on the sellers, this will be because:
Antworten
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demand is more elastic than supply for that good.
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demand is less elastic than supply for that good.
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the tax was imposed on the buyers of the good.
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the tax was imposed on the sellers of the good.
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