2016: Alejandro
Quiz by , created more than 1 year ago

Ap Micro economics quiz

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2016: Alejandro
Created by 2016: Alejandro over 8 years ago
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Ap Microeconomics Quiz

Question 1 of 10

1

Perfect Competition is the opposite of?

Select one of the following:

  • Elastic Markets

  • Monopolies

  • Mixed Economy

  • Money Market

Explanation

Question 2 of 10

1

If a product is inelastic it should have a coefficient

Select one of the following:

  • greater than 1

  • less than 1

  • Equal or less than 1

  • 0

Explanation

Question 3 of 10

1

If a product is inelastic it means that

Select one of the following:

  • Quantity is sensitive to a change of price

  • Quantity is insensitive to a change of price.

  • The product cannot change price

  • The product changes price quickly

Explanation

Question 4 of 10

1

If a product has an elastic Demand

Select one of the following:

  • Quantity is sensible to a change in price.

  • Quantity is insensible to a change in price.

  • A change in price ruins the market.

  • The market is monopolised.

Explanation

Question 5 of 10

1

If a product is perfectly inelastic

Select one of the following:

  • Change in quantity doesn't alter the quantity demanded

  • Only rice is perfectly inelastic

  • Competitors pursuit changing the market

  • Change in price doesn't alter the quantity demanded

Explanation

Question 6 of 10

1

Substitute Goods have a

Select one of the following:

  • Negative cross elasticity of demand

  • Price related cross elasticity of demand

  • Positive cross elasticity of demand

  • Has none cross elasticity of demand

Explanation

Question 7 of 10

1

Complement Goods have a

Select one of the following:

  • Negative cross elasticity of demand

  • Positive cross elasticity of demand

  • Equal cross elasticity of demand

  • No cross elasticity of demand

Explanation

Question 8 of 10

1

An example of a Weak Substitute could be

Select one of the following:

  • Iphone and Samsung

  • Coca Cola and Tea

  • Cars and tiers

  • Pasta and Raviolis

Explanation

Question 9 of 10

1

An example of a Strong Substitute could be

Select one of the following:

  • Apple and Samsung

  • Coca Cola and Tea

  • Pasta and Raviolis

  • Ferrari and Chevrolet

Explanation

Question 10 of 10

1

Companies with elastic goods should

Select one of the following:

  • Increase prices

  • Decrease prices

  • No change

  • Buy two more companies

Explanation

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