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Elasticities quiz

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Elasticities quiz

Question 1 of 10

1

A normal good ALWAYS has an elastic YED.

Select one of the following:

  • True
  • False

Explanation

Question 2 of 10

1

Since inferior goods rise in demand as the income of people falls, it has a negative YED.

Select one of the following:

  • True
  • False

Explanation

Question 3 of 10

1

Luxury goods such as sports cars can be inelastic.

Select one of the following:

  • True
  • False

Explanation

Question 4 of 10

1

Price elasticity of demand can be possitive.

Select one of the following:

  • True
  • False

Explanation

Question 5 of 10

1

If the supply curve goes through the origin it is.

Select one of the following:

  • elastic

  • inelastic

  • unit inelastic

  • unit elastic

Explanation

Question 6 of 10

1

If a change in price takes place, which of the following would take the longest to respond to said change.

Select one of the following:

  • toy manufacturers

  • airlines

  • corn farmers without inventory

  • corn farmers with inventory

Explanation

Question 7 of 10

1

if a good has an income elasticity of 0.45, and the average income fell 4 percent,
what was the percentage original change .

Select one of the following:

  • .0166

  • .018

  • -.018

  • -.11

Explanation

Question 8 of 10

1

Two goods substitute each other if :

Select one of the following:

  • xed is zero

  • xed is one

  • xed is negative

  • xed is possitive

Explanation

Question 9 of 10

1

If two goods are completely unrelated to each other.

Select one of the following:

  • xed will be zero

  • xed will be inelastic

  • xed will be elastic

  • xed will be undefined

Explanation

Question 10 of 10

1

Fill the blank space to complete the text.

If two goods satisfy the same need they are , will their xed be possitive or negative?

Explanation

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