Microeconomics Quiz

Descripción

Quiz
mateogalvis97
Test por mateogalvis97, actualizado hace más de 1 año
mateogalvis97
Creado por mateogalvis97 hace alrededor de 9 años
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Resumen del Recurso

Pregunta 1

Pregunta
Elasticity refers to the responsiveness of demand due to
Respuesta
  • Cost
  • Price
  • Motivation
  • Income

Pregunta 2

Pregunta
Products that are addictive (cigarettes, alcohol, cocaine etc.) tend to be
Respuesta
  • Inelastic, because people are not willing to pay more for a product that has no real benefit in their life.
  • Elastic, because people who are addictive will always want the product, regardless of the price.
  • Inelastic, because people who are addictive will always want the product, regardless of the price.
  • Elastic, because people are not willing to pay more for a product that has no real benefit in their life.

Pregunta 3

Pregunta
Business air travel is more inelastic than leisure air travel because
Respuesta
  • People who travel for business usually travel in first class so it's more expensive.
  • People who travel for leisure will have other options other than traveling for vacation.
  • There is more people traveling for business than people traveling for leisure.
  • There is more people traveling for leisure than people traveling for business.

Pregunta 4

Pregunta
The demand curve is upward sloping.
Respuesta
  • True
  • False

Pregunta 5

Pregunta
Lipton Ice Tea and Fuze Tea are weak substitutes.
Respuesta
  • True
  • False

Pregunta 6

Pregunta
If the price for iPhones suddenly rises drastically, what is expected to happen to the demand for the Samsung Galaxy?
Respuesta
  • It will increase
  • It will stay the same
  • It will decrease
  • It will decrease and then increase in the long run.

Pregunta 7

Pregunta
Which of the following is an example of a complementary good of pasta?
Respuesta
  • Coca-Cola
  • Eggs
  • Nuts
  • Parmesan cheese

Pregunta 8

Pregunta
Product A has unitary elasticity. If the price for Product A goes from $20 to $100, the demand will be
Respuesta
  • 5,7x lower
  • 5,4x higher
  • 5,3x lower
  • None of the above

Pregunta 9

Pregunta
Cellphones and SIM cards are expected to have joint demand.
Respuesta
  • True
  • False

Pregunta 10

Pregunta
Motivation is one of the factors affecting PES.
Respuesta
  • True
  • False
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