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Elasticity
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DR MOKTHAR
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10 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What does price elasticity of demand measure?
The degree of responsiveness of quantity demanded to changes in price
The degree of responsiveness of quantity supplied to changes in price
The degree of responsiveness of quantity demanded to changes in income
The degree of responsiveness of quantity supplied to changes in income
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the degrees of responsiveness if the value for price elasticity of demand for Good A is 1.75?
Perfectly inelastic
Inelastic
Unitary elastic
Elastic
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What factor influence the price elasticity of demand?
Mobility and availability of resources
Proportion of income spent on a product
Level of technology
All of the above
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What does income elasticity of demand measure?
The degree of responsiveness of quantity demanded to changes in price
The degree of responsiveness of quantity supplied to changes in price
The degree of responsiveness of quantity demanded to changes in income
The degree of responsiveness of quantity supplied to changes in income
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
If Daniel's income rises from RM1,000 to RM1,600, his demand for Good X increases from 30 units to 65 units per month and the income elasticity of demand for Good X is approximately 1.9441. What type of good is Good X?
Normal good
Inferior good
Luxury good
Necessity
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The quantity demanded for Good A was 300 units when the price for Good B was USD3.50, and this month the price for Good B increased to USD5 and the quantity demanded for Good A decreased to 75 units.
The cross-elasticity of demand is -1.75. What is the relationship between the two goods?
Independent
Substitute
Complementary
Not related
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What factor influence the price elasticity of supply?
Level of income
Availability of substitutes
Surplus capacity
All of the above
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