Elasticities of demand
Quiz by SAIRA MOHAMED SHERIF
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19 questions
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- Q1If 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
- Q2If 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
- Q3What 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
- Q4What 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
- Q5If a 10% increase in the price of a good results in a 5% decrease in quantity demanded, what is the price elasticity of demand?0.5-0.5-2230s
- Q6If 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
- Q7What does a price elasticity of demand (PED) greater than 1 indicate?The demand is inelastic.The demand is perfectly inelastic.The demand is elastic.The demand is unit elastic.30s
- Q8If 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
- Q9What 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
- Q10If 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
- Q11Which of the following scenarios represents unitary elastic demand?A 10% increase in price leads to a 10% decrease in quantity demandedA 10% increase in price leads to a 15% decrease in quantity demandedA 10% increase in price leads to a 5% decrease in quantity demandedA 10% increase in price leads to no change in quantity demanded30s
- Q12What does the cross-price elasticity of demand measure?The responsiveness of quantity demanded of one good to a change in the price of another goodThe responsiveness of quantity supplied to a change in priceThe responsiveness of quantity demanded to a change in the price of the same goodThe responsiveness of quantity demanded to a change in income30s
- Q13If the demand for a good is perfectly elastic, what would the demand curve look like?A vertical lineA downward-sloping lineAn upward-sloping lineA horizontal line30s
- Q14Which type of goods typically have negative cross-price elasticity of demand?ComplementsNormal goodsSubstitutesLuxury goods30s
- Q15If a product has a high number of substitutes, what can be said about its price elasticity of demand?It is likely to be unitary elasticIt is likely to be inelasticIt is likely to be elasticIt is likely to be perfectly inelastic30s