Elasticity Quiz

Elasticity Quiz

11th Grade

8 Qs

quiz-placeholder

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Elasticity Quiz

Elasticity Quiz

Assessment

Quiz

Other

11th Grade

Practice Problem

Hard

Created by

Koh Joel

Used 2+ times

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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

8.

MULTIPLE SELECT QUESTION

10 sec • 1 pt

Manchester United is the best club in the world! Do you agree?

Yes!!!!!!!!

No!!