theory of demand and elasticity of demand

theory of demand and elasticity of demand

11th Grade

20 Qs

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theory of demand and elasticity of demand

theory of demand and elasticity of demand

Assessment

Quiz

Arts

11th Grade

Practice Problem

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priyanka malik

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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the price on a product goes up the quantity demanded will go down. This follows the economic theory of:

Law of Demand
elasticity
income effect
None of the above

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The formula for calculating elasticity of demand is:

The % change in price over the % change in quantity demanded
The % change in quantity demanded over the % change in price
The change in price over the change in quantity demaned
The change in quantity demanded over the change in price

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

which of the following is not a determinant of demand elasticity?

availability of substitutes
share of consumer's budget spend on good
duration of adjustment period
government spending

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The following is a factor that will not cause the demand curve to shift:

Advertising
Population
Price
Consumer expectations

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Consuming more of one good because of a change in price of another good is known as the 

income effect
substitution effect
elasticity effect
demand effect

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which factor causes the demand curve to shift in the following situation: Bobby graduated from college and got a good job, so he decided to buy a new 2016 Passat.

income
population
consumer tastes & advertising
prices of related goods

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does it mean?

Ed = 0

Perfectly inelastic demand

Inelastic demand

Unitarily elastic demand

Elastic demand

Perfectly elastic demand

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