3948296
Descripción
Test por Kyna Finley, actualizado hace más de 1 año
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Creado por Kyna Finley
hace alrededor de 9 años
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Pregunta 1
Pregunta
If the price of a good increases by 15%and the quantity demanded changes by 20%, then the price elasticity of demand is
Respuesta
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.75
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.33
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1.33
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1
Pregunta 2
Pregunta
The university hopes to increase revenue by increasing parking fees. This plan will only work if
Respuesta
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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
Pregunta 3
Pregunta
For an inferior good, elasticity of demand will be
Respuesta
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negative
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positive
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0
Pregunta 4
Pregunta
a demand curve that is perfectly inelastic is
Respuesta
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vertical
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horizontal
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downward sloping
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upward sloping
Pregunta 5
Pregunta
The burden on the tax that is imposed on a good is said to fall completely on the consumers if
Respuesta
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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
Pregunta 6
Pregunta
at whatever quantity_________, the decision maker should do________ of the activity
Respuesta
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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
Pregunta 7
Pregunta
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.
Respuesta
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9
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19
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119
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.5
Pregunta 8
Pregunta
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________.
Respuesta
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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
Pregunta 9
Pregunta
Which of the following is true about price elasticity of demand
Respuesta
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inelastic demand < 1
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elastic demand < 1
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unit elastic demand < 1
Pregunta 10
Pregunta
Increase price will increase revenue if demand is
Respuesta
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elastic
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inelastic
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unit elastic
Pregunta 11
Pregunta
If a company sold 1,100 units at $0.90 each, what is total revenue?
Respuesta
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$900
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$0.90
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$1,100
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$990
Pregunta 12
Pregunta
A luxury tends to be more___________, while necessity is more__________.
Respuesta
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elastic, inelastic
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inelastic, elastic
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