
📊 <strong>Data Table for Reference</strong>

Passage
•
Business
•
11th Grade
•
Hard
NILOFER ALAMBATH
Used 1+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If PED = -2.5, the demand is:
Perfectly inelastic
Inelastic
Elastic
Unitary elastic
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A business increases the price of its product by 10%, and demand falls by 15%. What is the PED?
-0.67
-1.5
-0.15
1.5
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When a good has a positive income elasticity of demand, it is likely to be:
Inferior
Normal
Complementary
Inelastic
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following will most likely have inelastic demand?
Designer handbags
Salt
Airline tickets
Smartphones
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An income elasticity of demand (YED) of -0.8 indicates:
A luxury good
A normal good
An inferior good
Unitary elasticity
6.
FILL IN THE BLANK QUESTION
1 min • 1 pt
The formula for price elasticity of demand is:
PED = __________ / __________
7.
FILL IN THE BLANK QUESTION
1 min • 1 pt
A PED value greater than 1 indicates that demand is __________.
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