AP Microeconomics quiz

Question 1 of 10

1

The demand for school biology textbooks is inelastic. This happens because:

Select one of the following:

The biology textbooks have substitutes
They are a luxury good
They are a necessity for biology class in school
They are really expensive

Explanation

Question 2 of 10

1

When the price of small dolls goes from 10$ to 12$, the quantity demanded decreases from 50 to 45. What is the price elasticity of demand?

Select one of the following:

-0.5
-2
2
-1

Explanation

Question 3 of 10

1

Which of the following statements is false?

Select one of the following:

When elasticity is greater than 1 it is a luxury good
When elasticity is between 0-1 it is a normal necessity
When elasticity is perfectly inelastic it is horizontal on a graph

Explanation

Question 4 of 10

1

Which of the following good is likely to have an inelastic demand?

Select one of the following:

Pepsi
Water
Coca Cola
Chocolate

Explanation

Question 5 of 10

1

If product A has an elasticity of 1 and product B has an elasticity of 3.1, what can you tell about these goods?

Select one of the following:

They are complements
They are substitutes
A is unit elastic and B is inelastic
A has less substitutes than B

Explanation

Question 6 of 10

1

Which of the following is not a reason why price elasticity of supply changes?

Select one of the following:

Spare capacity
Flexibility of labor
Choice
Time

Explanation

Question 7 of 10

1

Fill the blank space to complete the text.

If the cross price elasticity of demand is negative than the good is

Explanation

Question 8 of 10

1

Fill the blank space to complete the text.

If you have an inelastic product you should the price of the good.

Explanation

Question 9 of 10

1

Fill the blank space to complete the text.

The mayor of Bogota wants to increase the taxes on cigarettes so they could raise more revenue. The mayor believe that cigarettes are products.

Explanation

Question 10 of 10

1

The economic problem states that we have unlimited wants but we have limited resources.

Select one of the following:

True
False

	Created by 2016: Tatiana Se almost 9 years ago

AP micro semester exam review

AP Microeconomics quiz

Question 1 of 10

The demand for school biology textbooks is inelastic. This happens because:

Select one of the following:

Explanation

Question 2 of 10

When the price of small dolls goes from 10$ to 12$, the quantity demanded decreases from 50 to 45. What is the price elasticity of demand?

Select one of the following:

Explanation

Question 3 of 10

Which of the following statements is false?

Select one of the following:

Explanation

Question 4 of 10

Which of the following good is likely to have an inelastic demand?

Select one of the following:

Explanation

Question 5 of 10

If product A has an elasticity of 1 and product B has an elasticity of 3.1, what can you tell about these goods?

Select one of the following:

Explanation

Question 6 of 10

Which of the following is not a reason why price elasticity of supply changes?

Select one of the following:

Explanation

Question 7 of 10

Fill the blank space to complete the text.

If the cross price elasticity of demand is negative than the good is

Explanation

Question 8 of 10

Fill the blank space to complete the text.

If you have an inelastic product you should the price of the good.

Explanation

Question 9 of 10

Fill the blank space to complete the text.

The mayor of Bogota wants to increase the taxes on cigarettes so they could raise more revenue. The mayor believe that cigarettes are products.

Explanation

Question 10 of 10

The economic problem states that we have unlimited wants but we have limited resources.

Select one of the following:

Explanation