Mankiw Chapter 5 Yoda Quiz
An Amateur Econ Quiz by YoDa.
- 1.What is the measure of the responsiveness of quantity demanded to a change in price?
- A.
Price Elasticity of Supply
- B.
Price Elasticity of Demand
- C.
Income Elasticity of Demand
- D.
Cross-Price Elasticity of Demand
- 2.If the demand were ___________, the quantity demand changes proportionately to price changes.
- 3.A measure of how much the quantity demand of one good responds to a change in the price of another good.
- A.
Income Elasticity of Demand
- B.
Time Elasticity of Demand
- C.
Close Substitute Elasticity of Demand
- D.
Cross-Price Elasticity of Demand
- E.
Market Elasticity of Demand
- 4.For many goods, as time goes by, would the elasticity of demand become more elastic or more inelastic?
- A.
Elastic
- B.
Inelastic
- C.
Unit Elastic
- D.
Remain the Same
- 5.When the supply of oil falls, what would happen to the quantity demanded in the long run?
- A.
The quantity supplied drops in great amount.
- B.
The quantity demanded falls slightly.
- C.
The quantity demanded drops in great amount.
- D.
The quantity supplied falls slightly.
- E.
The quantity demanded increases substantially.
- 6.If a good is a necessity, the demand for the good would be rather
- A.
Elastic
- B.
Inelastic
- C.
Unit Elastic
- D.
Superior
- E.
Inferior
- 7.The prices of the hamburgers increased by 8% and made the quantity demanded of hot dogs increase by 10%. What is the cross-price elasticity of demand? Are these two goods substitutes or complements?
- A.
5/4, Complements
- B.
4/5, Complements
- C.
5/4, Substitutes
- D.
4/5, Substitutes
- 8.
If the elasticity of an island in the Caribbeans were shown as above, how would the quantity demanded (acres) change as the price increase from $10 to $25?- A.
Increase by 2250 acres
- B.
Decrease by 2250 acres
- C.
Increase by 15 acres
- D.
Decrease by 15 acres
- E.
Remain the Same
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