Mankiw Chapter 5 Yoda Quiz

8 Questions | Total Attempts: 191

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Mankiw Chapter 5 Yoda Quiz

An Amateur Econ Quiz by YoDa.


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Questions and Answers
  • 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