
REVISION QUIZ BE2206
Authored by y J
Social Studies
University
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12 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Cross price elasticity of demand is equal to the percentage change in quantity demanded for Product A, divided by:
the quantity supplied of product B.
The percentage change in quantity demanded of product B.
The quantity supplied of product A.
The percentage change in price of product B.
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
If the cross price elasticity between apples and oranges is 2, which is correct?
The two goods are substitutes, and a price increase in one good will cause an increase in the quantity demanded of the other.
The two goods are complements, and a price increase in one good will cause an increase in the quantity demanded of the other.
The two goods are substitutes, and a price decrease in one good will cause an increase in the quantity demanded of the other.
The two goods are independent, and a price increase in one good will cause an increase in the quantity demanded of the other.
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
The quantity demanded or product A has increased by 12% in response to a 15% increase in price of product B. Calculate the cross elasticity of demand
1.25
8
0.8
2.5
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
If the PED for microwave oven is 1.5 means
few subtitutes exists
1% decrease in price will lead to a 15% increase in quantity demanded
5% decrease in price will lead to a 7.5% increase in quantity demanded
10% increase in price will lead to a 150% decrease in quantity demanded
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Based on a survey. the income elasticity of demand for a book planner is 0.95. this shows that a book planner is
luxury goods
normal goods
inferior goods
none of the above
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Based on a survey. the income elasticity of demand for a jewellery is 2. this shows that a book planner is
luxury goods
normal goods
inferior goods
none of the above
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Sugar and honey are substitute goods. if the price of sugar rises, what can be expected is the
demand for honey increase
demand for honey decrease
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