  AP Microeconomics Unit 2 Review

Quiz by Shelley Buck

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Correct quiz answers unlock more play!  26 questions
• 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.