4175712
Descrição
Quiz por 2016: Nicolas Di, atualizado more than 1 year ago
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Criado por 2016: Nicolas Di
quase 9 anos atrás
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Questão 1
Questão
What is the definition of an inferior good?
Responda
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Good that happens when demand falls an income rises; vice versa.
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Good that happens when demand increases and income increases as well; vice versa.
Questão 2
Questão
What type of goods are considered elastic goods?
Responda
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Normal luxuries and normal necessities
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Normal luxuries and superior goods
Questão 3
Questão
What is the formula for XeD?
Responda
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%change in qty demanded for product x/ %change in price for product y
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%change in qty demanded/ %change in income
Questão 4
Questão
What is the formula for PeD?
Responda
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%change in qty demanded/ %change in price
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%change in qty demanded/%change in income
Questão 5
Questão
What shifts PeS?
Responda
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Stocks, Capital labor, Capacity and Time
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Stocks, Capacity, Time and Chance
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Stocks, Interest Rates, Time and Chance
Questão 6
Questão
What does a complement represent?
Responda
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When the increase in demand of good A leads to the increase in demand of good B (If the demand for iphones increases, the demand for iphone cases will also increase).
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When good A substitutes good B (because price of good A increases, the demand for good B will increase).
Questão 7
Questão
What would be an inelastic good?
Responda
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Normal necessities
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Macbook Pro
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Tickets for a soccer match
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Short-distance flights
Questão 8
Questão
What does a rectangular hyperbole represent?
Responda
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Unit elasticity along the curve
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Price elasticity in supply
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Price elasticity in demand
Questão 9
Questão
What does it mean when you graph a line in a price elasticity graph, that starts in the y- axis?
Responda
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Inelastic
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Elastic
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Unit Elastic
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Perfectly inelastic
Questão 10
Questão
What kind of profit is a firm making when their ATC= their AR?
Responda
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Supernormal
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Abnormal
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