Elasticity Quizzes & Trivia

In economics, elasticity is how we measure how much one thing reacts to changes in another. It considers how the price of something affects factors such as how many goods will sell, how price changes affect the sales of other goods, and how people react to scarcity and other changes in the market.
Did you know that companies use elasticity to help determine price points? Did you know that economists measure elasticity to help understand how tax rates affect the economy? In 1970, two economists led a major study on elasticity. Can you name them? Did you guess Hendrik S. Houthakker and Lester D. Taylor? If so, you’re on the right track! Check out how you score on this and other quizzes to see if you’re an expert.

Test Quiz

Questions: 4  |  Attempts: 173   |  Last updated: Jan 17, 2013
  • Sample Question
    Elasticity measures

Questions: 11  |  Attempts: 90   |  Last updated: Mar 26, 2019
  • Sample Question
    When quantity demanded falls more than proportionally in response to a price increase then demand is

You will need the graph from class to answer some of the following questions. if the question asks for a number (dollar or quantity, just input the number without any dollar signs--> ex: $30 would be inputed 30)

Questions: 20  |  Attempts: 81   |  Last updated: Mar 26, 2019
  • Sample Question
    The elasticity of demand measures the responsiveness of: A. Demand to price changeB. Quantity demanded to price changeC. Shifts in demand when price changesD. Changes in total expenditures when total revenues changeE. Changes in total revenues when total expenditures change

This qiuz is dessigned to help students understand the basic concept of elasticity and cross elasticity which are part of the concept of micro economics. We were given this assignment for our economics class, taught by Mr. A.

Questions: 18  |  Attempts: 48   |  Last updated: Jan 21, 2013
  • Sample Question
    Why did the chicken cross the road?

Questions: 5  |  Attempts: 17   |  Last updated: Jan 21, 2013
  • Sample Question
    1 + 1 = . .?

Elasticity Questions & Answers

What are the determinants of YED?
YED is written in Java which is a computer programming language, but YED is a diagramming program that is intended to be used generally. Just like it says, this diagramming program allows the users to draw diagrams on the computers. These diagrams co
Where (at what mark) should a third mass of 0.30 kg be hung to keep the stick in balance? A uniform meter stick is supported by a knife edge at the 50-cm mark and has masses of 0.40 kg and...
The correct answer is 30 cm. Solution:- This question is based on torque. Torque = (distance from the pivot point) x (mass) For balancing, we need the torques to be equal on both sides of the ruler. First weight for the torque is 0.40kg and at the
What does income elasticity tend to be with basic food items like bread and milk?
For basic food items such as bread and milk, income elasticity tends to be close to zero. Income elasticity is a term that is used very commonly in economics. It is a measure of the responsiveness of a demanded quantity of a product in comparison to