Economics - Elasticity - YED

Economics - Elasticity - YED

11th - 12th Grade

7 Qs

quiz-placeholder

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Economics - Elasticity - YED

Economics - Elasticity - YED

Assessment

Quiz

Other

11th - 12th Grade

Medium

Created by

Mr. J. Cumming

Used 50+ times

FREE Resource

7 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of income elasticity of demand?

The responsiveness of consumer incomes to a change in quantity demanded

The responsiveness of quantity demanded to a change in consumer incomes

The change in quantity demanded divided by the change in consumer incomes

The change in quantity demanded resulting from a change in prices

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the equation for YED?


% Change in quantity demanded ÷% Change in consumer incomes\%\ Change\ in\ quantity\ demanded\ \div\%\ Change\ in\ consumer\ incomes

% Change in consumer incomes ÷% Change in quantity demanded\%\ Change\ in\ consumer\ incomes\ \div\%\ Change\ in\ quantity\ demanded

% Change in consumer incomes ÷% Change in price levels\%\ Change\ in\ consumer\ incomes\ \div\%\ Change\ in\ price\ levels

3.

FILL IN THE BLANK QUESTION

1 min • 1 pt

For normal goods, YED will typically be......

4.

FILL IN THE BLANK QUESTION

1 min • 1 pt

For inferior goods, YED will typically be..............

5.

FILL IN THE BLANK QUESTION

1 min • 1 pt

For luxury goods, YED be typically be......

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If YED for a good is 0.7 and consumer incomes rise by 10%, what is the impact on quantity demanded?

Increase by 7%

Decrease by 7%

Increase by 0.7%

Decrease by 0.7%

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a recession, what type of product is it typically better to be manufacturing?

Inferior

Normal

Luxury