
Elasticity quiz
Authored by Baby Alexis Carlos
Social Studies
University
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15 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Whenever the price of good A decreases, the demand for good B decreases as well. Goods A and B are
Complementary goods
Substitute goods
Inferior goods
Normal goods
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If a 15% decrease in the price of the good results in a 45% increase in quantity demanded, what is the elasticity of the good?
1
2
3
4
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Price elasticity of demand is defined as the ____________ changes in quantity demanded divided by the _____________ change in price.
total; percentage
percentage; marginal
marginal ; percentage
percentage; percentage
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If an increase in the price of one good causes an increase in the demand for another good, those goods are substitutes.
True
False
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An elasticity of 0.5 means a normal, luxury good.
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Inferior goods are purchased more at a higher income levels
True
False
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A positive cross elasticity implies that goods are complementary.
True
False
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