Economics Quiz
Authored by Ojae James
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University
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does demand elasticity measure?
Change in quantity demanded in response to a price change
Total amount spent on a good at a specific price
Responsiveness of quantity supplied to price changes
Responsiveness of quantity demanded to price changes
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does income elasticity measure?
Change in quantity demanded in response to a price change
Responsiveness of quantity demanded to income changes
Responsiveness of quantity supplied to price changes
Total amount spent on a good at a specific price
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does cross elasticity measure?
Total amount spent on a good at a specific price
Responsiveness of quantity supplied to price changes
Change in quantity demanded in response to a price change
Quantity demanded for one good based on price changes in its substitute goods
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does price elasticity measure?
Responsiveness of quantity supplied to price changes
Change in quantity demanded in response to a price change
Responsiveness of quantity demanded to price changes
Total amount spent on a good at a specific price
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are price ceilings and floors?
Change in quantity demanded in response to a price change
Total amount spent on a good at a specific price
Government-imposed maximum and minimum prices for goods or services
Responsiveness of quantity demanded to price changes
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the taxonomy of goods based on?
Total amount spent on a good at a specific price
Change in quantity demanded in response to a price change
Responsiveness of quantity supplied to price changes
Characteristics influencing market behavior
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does diminishing marginal utility refer to?
Change in quantity demanded in response to a price change
Total amount spent on a good at a specific price
Responsiveness of quantity supplied to price changes
Decrease in satisfaction gained from consuming more units of the same good or service
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