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Elasticities of demand

Quiz by SAIRA MOHAMED SHERIF

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19 questions
Show answers
  • Q1
    If the price elasticity of demand for a product is -2.5, what does this indicate about the product's demand?
    The product's demand is unit elastic.
    The product's demand is perfectly inelastic.
    The product's demand is inelastic.
    The product's demand is elastic.
    30s
  • Q2
    If the price elasticity of demand (PED) for a good is exactly -1, what does this indicate about the demand?
    The demand is inelastic.
    The demand is perfectly elastic.
    The demand is unit elastic.
    The demand is elastic.
    30s
  • Q3
    What does an income elasticity of demand (YED) greater than 1 signify about a good?
    The good is an inferior good.
    The good is a normal good with inelastic demand.
    The good is a necessity.
    The good is a luxury good.
    30s
  • Q4
    What does a cross-price elasticity of demand (XED) of -3 indicate about the relationship between two goods?
    The goods are complements.
    The goods are inferior.
    The goods are normal.
    The goods are substitutes.
    30s
  • Q5
    If a 10% increase in the price of a good results in a 5% decrease in quantity demanded, what is the price elasticity of demand?
    0.5
    -0.5
    -2
    2
    30s
  • Q6
    If the price of Good A decreases and the demand for Good B decreases, what can be inferred about the relationship between Good A and Good B?
    Good B is a complement to Good A.
    Good B is a substitute for Good A.
    Good B is an inferior good.
    Good B is a normal good.
    30s
  • Q7
    What does a price elasticity of demand (PED) greater than 1 indicate?
    The demand is unit elastic.
    The demand is elastic.
    The demand is inelastic.
    The demand is perfectly inelastic.
    30s
  • Q8
    If the income elasticity of demand (YED) for a good is -1.5, what does this indicate about the nature of the good?
    The good is a necessity.
    The good is a normal good.
    The good is an inferior good.
    The good is a luxury good.
    30s
  • Q9
    What does a price elasticity of demand (PED) equal to zero signify about the demand for a product?
    The demand is perfectly inelastic.
    The demand is elastic.
    The demand is inelastic.
    The demand is unit elastic.
    30s
  • Q10
    If the cross-price elasticity of demand between two goods is positive, what does this imply about their relationship?
    The goods are normal.
    The goods are inferior.
    The goods are complements.
    The goods are substitutes.
    30s
  • Q11
    Which of the following scenarios represents unitary elastic demand?
    A 10% increase in price leads to a 10% decrease in quantity demanded
    A 10% increase in price leads to a 15% decrease in quantity demanded
    A 10% increase in price leads to a 5% decrease in quantity demanded
    A 10% increase in price leads to no change in quantity demanded
    30s
  • Q12
    What does the cross-price elasticity of demand measure?
    The responsiveness of quantity demanded of one good to a change in the price of another good
    The responsiveness of quantity supplied to a change in price
    The responsiveness of quantity demanded to a change in the price of the same good
    The responsiveness of quantity demanded to a change in income
    30s
  • Q13
    If the demand for a good is perfectly elastic, what would the demand curve look like?
    A vertical line
    A downward-sloping line
    An upward-sloping line
    A horizontal line
    30s
  • Q14
    Which type of goods typically have negative cross-price elasticity of demand?
    Complements
    Normal goods
    Substitutes
    Luxury goods
    30s
  • Q15
    If a product has a high number of substitutes, what can be said about its price elasticity of demand?
    It is likely to be unitary elastic
    It is likely to be inelastic
    It is likely to be elastic
    It is likely to be perfectly inelastic
    30s

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