
Economics 10 Q6 - YED
Quiz
•
Financial Education
•
9th - 12th Grade
•
Easy

Marco Correa Barrera
Used 1+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A YED greater than 1 indicates that a good is:
A necessity
An inferior good
A luxury good
A normal good
Answer explanation
Luxury goods have a YED greater than 1, meaning demand increases proportionately more than income.
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is most likely to have a negative YED?
Designer handbags
Fast food
Organic produce
Public transportation
Answer explanation
Inferior goods, like public transportation, have a negative YED, as demand decreases when income rises.
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
YED measures the responsiveness of:
Quantity demanded to changes in price
Quantity demanded to changes in income
Income to changes in demand
Price to changes in quantity demanded
Answer explanation
YED measures how demand responds to income changes, indicating whether goods are normal, luxury, or inferior.
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A normal good has a YED that is:
Greater than 1
Equal to 0
Positive but less than 1
Negative
Answer explanation
Normal goods have a positive YED, but less than 1 indicates that demand increases at a slower rate than income.
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following factors does not affect YED?
Necessity vs. luxury
The availability of substitutes
Consumer preferences
Income level
Answer explanation
YED relates to income changes, not the availability of substitutes, which affects price elasticity.
6.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
If income increases by 20% and demand for a good increases by 10%, the YED is:
2
0.5
1
-0.5
Answer explanation
YED = % change in quantity demanded ÷ % change in income = 10% ÷ 20% = 0.5.
7.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
A good has a YED of -0.8. If income decreases by 25%, the change in demand is:
20% increase
20% decrease
25% increase
25% decrease
Answer explanation
% change in demand = YED × % change in income = -0.8 × -25% = 20%.
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