Economics - Elasticity
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This is the MCQs of Economics
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Question 1 of 20
1. Question
If a small percentage increase in the price of a good greatly reduces the quantity demanded for that good, the demand for that good is
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Question 2 of 20
2. Question
The price elasticity of demand is defined as:
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Question 3 of 20
3. Question
in general a flatter demand curve is more likely to be:
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Question 4 of 20
4. Question
in general a flatter demand curve is more likely to be
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Question 5 of 20
5. Question
Which of the following would cause a demand curve for a good to be price inelastic?
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Question 6 of 20
6. Question
The demand for which of the following is likely to be the most price inelastic?
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Question 7 of 20
7. Question
If the cross-price elasticity between two goods is negative the two goods are likely to be
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Question 8 of 20
8. Question
If a supply curve for a good is price elastic then
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Question 9 of 20
9. Question
If a fisher must sell all of his daily catch before it spoils for whatever price he is offered once the fish are caught the fisherman’s price elasticity of supply for fresh fish is
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Question 10 of 20
10. Question
A decrease in supply (shift to the left) will increase total revenue in that market if
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Question 11 of 20
11. Question
If an increase in the price of a good has no impact on the total revenue in that market demand must be
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Question 12 of 20
12. Question
If consumers always spend 15 percent of their income on food. then the income elasticity of demand for food is
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Question 13 of 20
13. Question
Technological improvements in agriculture that shift the supply of agricultural commodities to the right tend to:
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Question 14 of 20
14. Question
If supply is price inelastic the value of the price elasticity of supply must be
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Question 15 of 20
15. Question
If there is excess capacity in a production facility it is likely that the firm’s supply curve is
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Question 16 of 20
16. Question
Suppose that at a price of Rs 30 per month there are 30000 subscribers to cable television in small Town. If small Town Cablevision raises its price Rs40 per month the number of subscribers will fall to 20000 Using the midpoint method for calculating the elasticity what is the price elasticity of demand for cable TV in Small Town?
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Question 17 of 20
17. Question
Suppose that at a price of Rs 30 per month there are 30000 subscribers to cable television in small Town. If small Town Cablevision raise its price to Rs 40 per month the number of subscribers will fall to 20000 At which of the following price does small Town Cablevision earn the greatest total revenue?
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Question 18 of 20
18. Question
If demand is linear (a straight line) then price elasticity of demand is
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Question 19 of 20
19. Question
If the income elasticity of demand for a good is negative it must be
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Question 20 of 20
20. Question
If consumers think that there are very few substitutes for a good, then
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