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Duplicate of Econ Supply and Demand Quiz Flashcards | StudBud
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Duplicate of Econ Supply and Demand Quiz
Duplicate of Econ Supply and Demand Quiz
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calculating elasticity, factors that affect elasticity, shifts in supply and demand
Flashcards
14 cards
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Practice quiz
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Questions
14
Answers
1
Which of these factors do NOT affect price elasticity of supply?
Time to produce
Addiction
Perishability
Ease of storage
2
Why was the midpoint method invented? Because...
% change is different depending on increase or decrease in price
Economists like fancy words
It is used to measure PES and not PED
The demand curve is downwards sloping
3
Typically if the price rises, there will be...
An increase in supply
A decrease in quantity demanded
An increase in demand
A decrease in quantity supplied
4
What is the point in the middle called?
Market equillibrium
Point of intersection
Market homeostasis
Point of equal supply and demand
5
Which of these demand graphs is the most
inelastic
?
C
A
B
D
6
This graph is
Unit-Elastic
Perfectly Elastic
Inelastic
Perfectly Inelastic
7
The pandemic just ended, and tourists can come to Hong Kong. What will happen to the demand for hotels?
Shift left
Shift right
Move up the curve
Move down the curve
8
Fu Gui is a farmer, he used to use an ox to plow rice fields. He just bought a tractor to plow. This will cause a(n):
Increase in demand for rice
Decrease in demand of rice
Decrease in supply of rice
Increase in supply of rice
9
The following graph represents the market for black shoes. What is a possible cause for the change shown?
Prices are expected to rise
Technology has further developed
Black shoes are out of fashion
Income has decreased
10
The
supply
for which of the following goods is likely to be the
most elastic
?
Cattle
Houses
Cans of Pringles
Apples
11
The PED for strawberries is 0.1. If producers want to increase sales by 3%, they should lower pricing by...
3%
130%
0.3%
30%
12
Which of these factors do NOT affect PED?
Necessity
Change in pricing
Time
Availability of substitutes
13
The
demand
for which of the following goods/services is likely to be the
most
elastic?
Rolex watches
Bread
Cigarettes
Public Transport
14
A good whose
demand decreases by 10%
with an increase in
price of 5%
has an inelastic demand
True
False
