ECO 231 test

Descrição

exam review
Kyna Finley
Quiz por Kyna Finley, atualizado more than 1 year ago
Kyna Finley
Criado por Kyna Finley aproximadamente 9 anos atrás
28
0

Resumo de Recurso

Questão 1

Questão
If the price of a good increases by 15%and the quantity demanded changes by 20%, then the price elasticity of demand is
Responda
  • .75
  • .33
  • 1.33
  • 1

Questão 2

Questão
The university hopes to increase revenue by increasing parking fees. This plan will only work if
Responda
  • The price effect is larger than the quantity effect
  • the price effect is smaller than the quantity effect
  • the price effect and quantity effect are the same

Questão 3

Questão
For an inferior good, elasticity of demand will be
Responda
  • negative
  • positive
  • 0

Questão 4

Questão
a demand curve that is perfectly inelastic is
Responda
  • vertical
  • horizontal
  • downward sloping
  • upward sloping

Questão 5

Questão
The burden on the tax that is imposed on a good is said to fall completely on the consumers if
Responda
  • price paid by consumers for good declines by the amount of tax
  • price paid by consumers for good increases by the amount of tax
  • price paid by consumers does no change

Questão 6

Questão
at whatever quantity_________, the decision maker should do________ of the activity
Responda
  • MB<MC, that amount
  • MB<MC, less
  • MB>MC, less
  • MB>MC, none

Questão 7

Questão
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.
Responda
  • 9
  • 19
  • 119
  • .5

Questão 8

Questão
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________.
Responda
  • toys, wheat, toys
  • toys, toys, toys
  • wheat and toys, wheat, toys
  • neither, toys, wheat

Questão 9

Questão
Which of the following is true about price elasticity of demand
Responda
  • inelastic demand < 1
  • elastic demand < 1
  • unit elastic demand < 1

Questão 10

Questão
Increase price will increase revenue if demand is
Responda
  • elastic
  • inelastic
  • unit elastic

Questão 11

Questão
If a company sold 1,100 units at $0.90 each, what is total revenue?
Responda
  • $900
  • $0.90
  • $1,100
  • $990

Questão 12

Questão
A luxury tends to be more___________, while necessity is more__________.
Responda
  • elastic, inelastic
  • inelastic, elastic

Semelhante

Economics - unit 1
Amardeep Kumar
General Notes for Imperfect Competition
Ashley Hay
How well do you know GoConqr?
Sarah Egan
Monopoly
Ashley Hay
Microeconomics year 1
Nkolika Ezepue
Monopolistic Competition
Ashley Hay
General Notes for Factor Markets
Ashley Hay
Dictionary Macrostructure
Ash A
Perfect Competition
Ashley Hay
Dictionary Microstructure
Ash A
Key Definitions
Amy Blakeman