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AP Microeconomics Unit 2 Review

Quiz by Shelley Buck

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26 questions
Show answers
  • Q1
    If price increases and total revenue remains unchanged, demand is
    unit elastic
    inelastic.
    perfectly inelastic.
    elastic.
    30s
  • Q2
    If price increases and total revenue increases, demand is
    perfectly inelastic.
    unit elastic.
    elastic.
    inelastic.
    30s
  • Q3
    If price decreases and total revenue decreases, demand is
    perfectly inelastic.
    inelastic.
    elastic.
    unit elastic.
    30s
  • Q4
    If price decreases and total revenue increases, demand is
    perfectly inelastic.
    inelastic.
    unit elastic.
    elastic.
    30s
  • Q5
    If price increases and total revenue decreases, demand is
    unit elastic.
    elastic.
    inelastic.
    perfectly inelastic.
    30s
  • Q6
    If the price increases by 10% and the quantity changes by 5%, then the price elasticity of demand is
    2
    5
    0.2
    0.5
    30s
  • Q7
    If the price increases by 5% and the quantity changes by 10%, then the price elasticity of demand is
    .2
    5
    2
    .5
    30s
  • Q8
    What is the measure of a good's responsiveness to changes in income?
    Elasticity of Demand
    Cross-Price Elasticity
    Income elasticity
    Elasticity of Supply
    30s
  • Q9
    What is a measure of a good's responsiveness to changes in the price of a related good?
    Elasticity of Demand
    Elasticity of Supply
    Cross-Price Elasticity
    Income Elasticity
    30s
  • Q10
    If the cross-price elasticity coefficent is negative, then the two goods are
    complements.
    normal goods.
    substitutes.
    inferior goods.
    30s
  • Q11
    If the cross-price elasticity of Good A is positive, then the two goods are
    complements.
    inferior goods.
    normal goods.
    substitutes.
    30s
  • Q12
    If a good has a negative income elasticity coefficient, then the good is a(n)
    normal good.
    inferior good.
    complementary good.
    substitute good.
    30s
  • Q13
    If the income elasticity coefficient of a good is positive, then the good is a(n)
    complementary good.
    substitute good.
    inferior good.
    normal good.
    30s
  • Q14
    Which of the following is the BEST example of a good that has perfectly inelastic demand?
    insulin.
    Girl Scout cookies.
    concert tickets.
    gasoline.
    30s
  • Q15
    Which of the following is the BEST example of a good that has perfectly inelastic supply?
    gasoline.
    concert tickets.
    Girl Scout cookies.
    EpiPen.
    30s

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