4147576
Question 1
Question
When the price elasticity of demand is between 0 and 1 it is
Answer
-
inelastic
-
elastic
-
unit elastic
Question 2
Question
Price elasticity of demand has an inverse relationship
Answer
- True
- False
Question 3
Question
If the elasticity is unit elastic, and the quantity demanded increases by 20%, then the price must increase by 20%
Answer
- True
- False
Question 4
Question
The equation for finding a percentage change is
Answer
-
old-new/new
-
(new-old/old) *100
-
new-old/old
Question 5
Question
bread and cream cheese have an xed of -0.7. They are
Answer
-
weak or no subsitutes
-
strong subsitutes
-
weak or no complements
-
strong complements
Question 6
Question
The reasons for why ped changes are
Answer
-
stock
-
time
-
capacities
-
substituion of capital labor
-
choice
Question 7
Question
The unit elastic graph of ped starts at the origin
Answer
- True
- False
Question 8
Question
If a scarf has an elasticity of 1.6, it is a
Answer
-
Normal necessity good
-
Normal inferior good
-
Normal luxury good
-
Inferior good
Question 9
Question
If a good is inelastic, it's not responsive to price
Answer
- True
- False
Question 10
Question
In a xed graph, two goods with no relationship would look like a horizontal line
Answer
- True
- False
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