2016: Ignacio Pa
Quiz by , created more than 1 year ago

Micro quiz

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2016: Ignacio Pa
Created by 2016: Ignacio Pa over 8 years ago
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Micro Quiz

Micro Quiz

Question 1 of 10

1

PED line with 0 slope means it is

Select one of the following:

  • Perfectly inelastic

  • Perfectly elastic

  • None of the above

Explanation

Question 2 of 10

1

a PED line that is completely vertical means that it is

Select one of the following:

  • Perfectly inelastic

  • Perfectly elastic

  • None of the above

Explanation

Question 3 of 10

1

YED greater than 1 means

Select one of the following:

  • Luxury good

  • Inferior good

  • none of the above

Explanation

Question 4 of 10

1

YED less than 0 means

Select one of the following:

  • Luxury good

  • Inferior good

  • None of the above

Explanation

Question 5 of 10

1

YED between 0 and 1 menas

Select one of the following:

  • Inferior good

  • Luxury good

  • None of the above

Explanation

Question 6 of 10

1

Company with inelastic goods should

Select one of the following:

  • increase prices

  • lower prices

  • No change

Explanation

Question 7 of 10

1

Companies with elastic goods should

Select one of the following:

  • increase prices

  • lower prices

  • no change

Explanation

Question 8 of 10

1

Companies that have goods that are unit elastic should do what to increase their profit

Select one of the following:

  • increase price

  • lower price

  • doesnt matter what they do because their profit will always de the same

Explanation

Question 9 of 10

1

Unit elastic graph is seen as

Select one of the following:

  • havisng a flat slope

  • rectangular hyperbola

  • undefined slope

Explanation

Question 10 of 10

1

Substitute goods have a

Select one of the following:

  • positive cross elasticity

  • negative cross elasticity

  • not enough information to answer

Explanation

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