Principles of Economics (2)

Principles of Economics (2)

University

12 Qs

quiz-placeholder

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Principles of Economics (2)

Principles of Economics (2)

Assessment

Quiz

Other

University

Hard

Created by

Pu Chen

Used 69+ times

FREE Resource

12 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Unit elastic is, if

e (y) = 1

e (y) > 1

e (y) < 1

e (y) = 0

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Inelastic demand is, if

e (y) = 1

e (y) > 1

e (y) = ∞

e (y) < 1

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Elastic demand is if

e (y) > 1

e (y) = ∞

e (y) < 1

e (y) = 0

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The demand for a good will be more price elastic,

The smaller is the percentage of income spent on it

The higher is its price

The smaller the supply of the good

The more substitutes are available for the good

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A price elasticity of demand of -2 means that a 10% increase in price will result in a :

20% increase in the quantity demanded

20% decrease in the quantity demanded

5% decrease in the quantity demanded

2% decrease in the quantity demanded

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The price of plums falls by 7% and the quantity of plums demanded increases by 6.75%. We conclude that the demand for plums is:

Inelastic

Elastic

Perfectly elastic

Perfectly inelastic

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When the price of a good increased by 5 per cent, the quantity of it demanded decreased by 10 per cent. The price elasticity of demand is ___, and the rise of price will ________ total revenue.

-2.0, increase

-2.0, decrease

-0.5, decrease

-0.5, increase

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