PE Chp 2 Elasticity

PE Chp 2 Elasticity

University

20 Qs

quiz-placeholder

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PE Chp 2 Elasticity

PE Chp 2 Elasticity

Assessment

Quiz

Education

University

Hard

Created by

AMIRUL (POLIMAS)

Used 2+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What does elasticity allow us to analyze with greater precision?

a) Market size

b) Supply and demand

c) Consumer preferences

d) Production costs

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

If the price elasticity of demand for a good is -2, what does this indicate?

a) The demand for the good is perfectly elastic

b) The demand for the good is inelastic

c) A 1% increase in price leads to a 2% decrease in quantity demanded

d) A 1% increase in price leads to a 2% increase in quantity demanded

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

How is elasticity defined in the context of economics?

a) A measure of market stability

b) A measure of consumer income

c) A measure of how much buyers and sellers respond to changes in market conditions

d) A measure of government intervention in markets

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following statements best describes the role of elasticity in economics?

a) It determines the price ceiling in a market

b) It measures the degree of market competition

c) It helps in understanding consumer behavior and market dynamics

d) It determines the level of government regulation in a market

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What does the price elasticity of demand measure?

a) The change in supply in response to a change in price

b) How much the quantity demanded of a good responds to a change in its price

c) The total revenue generated by a good

d) The cost of producing a good

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following goods is likely to have a highly elastic demand?

a) Prescription medication

b) Salt

c) Luxury cars

d) Electricity during peak hours

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What does it mean if the price elasticity of demand is greater than 1?

a) Demand is elastic

b) Demand is inelastic

c) Demand is unitary elastic

d) Demand is perfectly elastic

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