Search Header Logo

Elasticity Quiz

Authored by Koh Joel

Other

11th Grade

Used 2+ times

Elasticity Quiz
AI

AI Actions

Add similar questions

Adjust reading levels

Convert to real-world scenario

Translate activity

More...

    Content View

    Student View

8 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Price Elasticity of Demand measures the degree of responsiveness of a change in ___________________ due to a change in price

quantity

quantity demanded

demand

output

Answer explanation

Price affects quantity demanded/quantity supplied.

For PED, we want to assess how consumers will react to a change in price

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which is the formula for calculating PED?

% change in Qd / % change in price

% change in price / % change in Qd

% change in Demand/ % change in Qd

% change in Demand / % change in price

Answer explanation

Price affects quantity demanded/quantity supplied.

For PED, we want to assess how consumers will react to a change in price

3.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

When PED is more than 1, we say that demand for the good is

unitary price elastic

perfectly price elastic

price elastic

price inelastic

Answer explanation

Price affects quantity demanded/quantity supplied.

For PED, we want to assess how consumers will react to a change in price

4.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

When a good has more substitutes, the demand for the good tends to be more price elastic. True or False?

True

False

5.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

When the proportion of income spent on a good is high, we say that the demand for a good is price elastic. True or False?

True

False

6.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Price Elasticity of Supply is always negative! True or False?

True

False

7.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Which of the following factors will cause the supply of a good to be price inelastic? Can choose more than 1 factor

Long gestation period

Limited capacity to increase production

The price of the good

Degree of necessity

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?