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Quiz von Kyna Finley, aktualisiert more than 1 year ago
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Erstellt von Kyna Finley
vor fast 9 Jahre
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Frage 1
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If the price of a good increases by 15%and the quantity demanded changes by 20%, then the price elasticity of demand is
Antworten
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.75
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.33
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1.33
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1
Frage 2
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The university hopes to increase revenue by increasing parking fees. This plan will only work if
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The price effect is larger than the quantity effect
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the price effect is smaller than the quantity effect
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the price effect and quantity effect are the same
Frage 3
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For an inferior good, elasticity of demand will be
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negative
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positive
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0
Frage 4
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a demand curve that is perfectly inelastic is
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vertical
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horizontal
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downward sloping
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upward sloping
Frage 5
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The burden on the tax that is imposed on a good is said to fall completely on the consumers if
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price paid by consumers for good declines by the amount of tax
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price paid by consumers for good increases by the amount of tax
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price paid by consumers does no change
Frage 6
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at whatever quantity_________, the decision maker should do________ of the activity
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MB<MC, that amount
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MB<MC, less
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MB>MC, less
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MB>MC, none
Frage 7
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Use the midpoint method to determine price elasticity of demand if: Price decreases from $2.50 to $2.25 and quantity demand per period increases from 0 to 25.
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9
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19
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119
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.5
Frage 8
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If these countries used all of their resources, this is the amount of each product they could produce.
Spain: 50 pounds of wheat, 100 toys
America: 25 pounds of wheat, 75 toys
Spain has an absolute advantage in___________ and a comparative advantage in__________. America has the comparative advantage in________.
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toys, wheat, toys
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toys, toys, toys
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wheat and toys, wheat, toys
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neither, toys, wheat
Frage 9
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Which of the following is true about price elasticity of demand
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inelastic demand < 1
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elastic demand < 1
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unit elastic demand < 1
Frage 10
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Increase price will increase revenue if demand is
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elastic
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inelastic
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unit elastic
Frage 11
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If a company sold 1,100 units at $0.90 each, what is total revenue?
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$900
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$0.90
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$1,100
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$990
Frage 12
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A luxury tends to be more___________, while necessity is more__________.
Antworten
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elastic, inelastic
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inelastic, elastic
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