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15
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Crude oil demand increased from 91 million to 96.5 million barrels, while price hiked from 39.68$ to 66.30$ per barrel.
Crude oil has a perfectly elastic demand
Crude oil has an inelastic demand
Crude oil has an elastic demand
Crude oil has a unit elastic demand
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15
×
A product is considered ------------- if its price elasticity of demand is greater than one.
Perfectly inelastic
Inelastic
Unit Elastic
Elastic
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15
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Demand for insulin fell from 526 million shots to 516, while price hiked from 0.25$ to0.62$ per pen. Calc approx. PED.
-1.08
-0.66
-0.01
-1.75
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banana
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gold
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fairy
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lifesaver
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15
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A good is said to have elastic demand if -------------
The good is a necessity
The product's price represents a small portion of consumer's income
All answers are correct
There are available substitutes
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15
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A good is said to have inelastic demand if __________
There are no available substitutes
the product's cost represents a large portion of consumer's income
All the answers are correct
The good is not a necessity
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15
×
If a product costs around 60% of consumersâ income, then this product has elastic demand, Ceteris Paribus.
False
True
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15
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A product is considered ------------- if its price elasticity of demand is equal to infinity.
Relatively inelastic
Relatively elastic
Perfectly inelastic
Perfectly elastic
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eraser
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gold
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shark
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baam
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15
×
In the Egyptian economy, which of the following products is considered to have a relatively inelastic demand?
Bread
All the answers are correct
Tuna fish
Potato chips
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15
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If cross elasticity is 0 this means that ---------------
All the answers are incorrect
The two products in question are unrelated
The two products complement each other
The two products are substitutes
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15
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A product is considered unit elastic if its price elasticity of demand is
< 1
= 1
= 0
>1
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15
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A product is considered ------------- if its price elasticity of demand is less than one.
perfectly elastic
elastic
inelastic
unit elastic
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15
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Essential items with a few substitutes are expected to have relatively elastic demand.
True
False
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15
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If income elasticity is between 0 and 1, then the product in question is -----------
income perfectly elastic
income unit elastic
income inelastic
income elastic
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thief
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shark
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fairy
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banana
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