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Home  arrow Chapter 5  arrow Self-Study Quiz

Self-Study Quiz



This activity contains 33 questions.

Question 1.
When a good has few close substitutes readily available:

 
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Question 2.
Elasticity is:

 
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Question 3.
The slope of a demand curve is:

 
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Question 4.
Which of the following statements concerning the value of demand elasticity is/are true?

 
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Question 5.
When the percentage change in quantity demanded is greater than the percentage change in price:

 
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Question 6.
Which of the following is true when the percentage change in quantity demanded is the same as the percentage change in price?

 
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Question 7.
Refer to the figure below. Only one of the statements below is entirely correct. Which one?

question_9.gif

 
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Question 8.
How is the responsiveness of quantity demanded to a change in price measured?

 
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Question 9.
Refer to the figure below. Use the information on the graph to determine the validity of the statements below.

question_6.gif

 
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Question 10.
Refer to the figure below. Using the arc elasticity formula, the value of price elasticity of demand equals:

question_8.gif

 
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Question 11.
Refer to the figure below. The demand curve in this graph is:

question_10.gif

 
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Question 12.
Finish the following sentence. A value of price elasticity of demand equal to 2 means that:

 
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Question 13.
Refer to the figure. Using the midpoint formula, calculate the values of elasticity between points A and B, and then between points C and D. Those values are, respectively:

linear_downward_demand.gif

 
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Question 14.
When demand is elastic, a decrease in price leads to:

 
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Question 15.
Refer to the figure below. Which move leads to a decrease in revenue?

question_13.gif

 
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Question 16.
Which of the following is the most obvious factor affecting demand elasticity?

 
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Question 17.
Which of the following is a true statement?

 
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Question 18.
A measure of the response of the quantity of one good demanded to a change in the price of another good is called:

 
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Question 19.
In which of the following markets is the elasticity of supply likely to be positive?

 
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Question 20.
Elasticity of labor supply measures:

 
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Question 21.
The quantity of oil demanded is more responsive to price changes than the quantity of bananas demanded.

   
 
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Question 22.
When a good has few substitutes available, quantity demanded is not nearly as responsive to a change in price.

   
 
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Question 23.
The slope of the demand curve is the best measure of responsiveness in quantity demanded to changes in price.

   
 
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Question 24.
Price elasticity of demand is the percentage change in price divided by the percentage change in quantity demanded.

   
 
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Question 25.
The value of price elasticity of demand is always negative.

   
 
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Question 26.
The midpoint elasticity formula takes into account the average of the old and new values of price and quantity demanded. The point elasticity formula does not.

   
 
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Question 27.
When the demand curve is a straight line, elasticity values along the line do not change.

   
 
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Question 28.
When demand is inelastic, an increase in price will lead to an decrease in revenue.

   
 
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Question 29.
The response of the quantity of one good demanded to a change in the price another good is called cross-price elasticity of demand.

   
 
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Question 30.
When demand is perfectly elastic, an increase in supply is completely absorbed by an increase in price.

   
 
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Question 31.



 
To create paragraphs in your essay response, type <p> at the beginning of the paragraph, and </p> at the end.

End of Question 31


Question 32.



 
To create paragraphs in your essay response, type <p> at the beginning of the paragraph, and </p> at the end.

End of Question 32


Question 33.



 
To create paragraphs in your essay response, type <p> at the beginning of the paragraph, and </p> at the end.

End of Question 33





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