# Mankiw Chapter 5 Yoda Quiz

8 Questions | Total Attempts: 198  Settings  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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