Demand

Demand

12th Grade

30 Qs

quiz-placeholder

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Demand

Demand

Assessment

Quiz

History

12th Grade

Practice Problem

Hard

Created by

Eric Herrera

Used 7+ times

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30 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Demand is elastic when a given change in price causes a relatively smaller change in quantity demanded.​

True

False

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The sole determinate of elasticity is the answer to this question: Can the purchase be delayed?​

True

False

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

To estimate elasticity, add the direction of a price change to the direction of the change in total revenue, or total expenditures.

True

False

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Demand elasticity is the extent to which a change in price causes a change in the quantity demanded.

True

False

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Demand is unit elastic when a given change in price causes a proportional change in quantity demanded.​

True

False

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the main cause of a change in quantity demanded?

substitution

changes in revenue

change in price

the income effect

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the relationship between income and demand?

A decrease in income increases demand.

A decrease in price decreases income.

An increase in price increases income.

An increase in income increases demand.

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