Elasticity

Quiz
•
Social Studies
•
University
•
Hard

Katie Lotz
Used 77+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
If the price of coffee drops from $6 to $5 and sales rise from 80 to 85, what is the price elasticity of demand? (Use the midpoint formula!)
.37
.33
1.34
-.33
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If your salary increases by 50 % and in response you increase your t-shirt purchases by 5 %, income elasticity equals______and clothing is_______.
0.1; normal good
10; inferior good
0.1; luxury good
10; luxury good
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Deadweight loss is more pronounced when a tax is placed on goods and services with an____________ demand.
elastic
inelastic
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the elasticity of demand for a product equals 1.5, then an increase in the product price will cause total revenue to
decrease.
increase.
remain the same.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The determinants of the price elasticity of demand for a specific good include all of the following except:
the availability of substitutes
the time period involved
the ease with which resources can be shifted to and from the production of this good to other uses
whether the good is a luxury or neccessity
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Consumers will bear more of the burden of a tax when
the supply is very elastic
the supply is very inelastic
the demand is very elastic
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following products would likely have an inelastic demand?
Fizzy cola, a carbonated soda
A meal at an expensive steak house
auto repair for your car
Nike's Air Force One's
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