Microeconomics Quiz: Elasticity & Its Application. Demand and supply are what holds a market, and elasticity is the measure through which variable changes as a result of another variable. Demand can either be elastic or inelastic. Below is a microeconomics quiz on flexibility & its application in the economy. Give it a try and get to prepare for the microeconomics exam that is coming up.
Price elastic
Price inelastic
Unit price elastic
None of the above
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True
False
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False
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The percentage change in price of a good divided by the percentage change in the quantity demanded of that good.
The percentage change in income divided by the percentage change in the quantity demanded
The percentage change in the quantity demanded of a good divided by the percentage change in the price of that good
The percentage change in the quantity demanded divided by the percentage change in income
None of the above
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True
False
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A luxury good
A normal good
An inferior good
An elastic good
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False
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False
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Price inelastic
Price elastic
Unit price elastic
Income inelastic
Income elastic
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True
False
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There are a great number of substitutes for the good
The good is inferior
The good is a luxury
The good is necessity
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The quantity supplied is sensitive to changes in the price of that good
The quantity supplied is insensitive to changes in the price of that good
The quantity demanded is sensitive to changes in the price of that good
The quantity demanded is insensitive to changes in the price of that good
None of the above
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False
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Luxuries
Necessities
Complements
Substitutes
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Airline tickets
Bus tickets
Taxi rides
Transportation
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Supply would tend to be price elastic
Supply would tend to be price inelastic
Demand would tend to be price elastic
Demand would tend to be price inelastic
None of the above
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Price elastic
Price inelastic
Unit price elastic
None of the above
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True
False
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Price inelastic
Price elastic
Unit price elastic
All of the above
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True
False
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True
False
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True
False
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Constant along the demand curve.
Inelastic in the upper portion and elastic in the lower portion
Elastic in the upper portion and inelastic in the lower portion
Elastic throughout
Inelastic throughout
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Reduce total revenue to farmers as a whole because the demand for food is inelastic
Reduce total revenue to farmers as a whole because the demand for food is elastic
Increase total revenue to farmers as a whole because the demand for food is inelastic
Increase total revenue to farmers as a whole because the demand for food is elastic
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Supply is price elastic.
Supply is price inelastic
Demand is price elastic
Demand is price inelastic
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