Study

Gr11 Econ PED

  • The selected game type is invalid.
  •   0%
  •  0     0     0

      Back   Restart
  • In the Egyptian economy, which of the following products is considered to have a relatively inelastic demand?
    All the answers are correct
    Potato chips
    Tuna fish
    Bread
  • If incomes rise by 14% and demand for product X decreases by 28%, calculate YED.
    5.07
    1.62
    2
    3.14
  • Calculate the % change in price of product J, where in 2020 price was 101 EGP while in 2021 price reached 65 EGP.
    Decrease of 48.65%
    Decrease of 61.82%
    Decrease by 53.85%
    Decrease of 24.4%
  • A good is said to have elastic demand if__________
    The good is a necessity
    All the answers are correct
    There are no available substitutes
    The product's cost represents a large portion of consumer's income
  • A product is considered ------------- if its price elasticity of demand is greater than one.
    Perfectly inelastic
    Unit Elastic
    Inelastic
    Elastic
  • A product is considered unit elastic if its price elasticity of demand is
    = 1
    < 1
    = 0
    >1
  • The relationship between the % change in price and the elasticity of demand is considered to be_________
    directly proportional
    inversely proportional
    not possible to determine
    dependent on the direction of change
  • 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 an inelastic demand
    Crude oil has an elastic demand
    Crude oil has a perfectly elastic demand
    Crude oil has a unit elastic demand
  • A good is said to have inelastic demand if_________
    the good is a necessity
    the product's cost represents a large portion of consumers' income
    There are available substitutes
    All the answers are correct
  • Perfectly inelastic demand means QD for a product is not affected at all by changes in the product’s price.
    True
    False
  • A good is said to have elastic demand if_________
    All answers are incorrect
    The product's cost represents a small portion of consumer's income
    the good is not a necessity
    There are no available substitutes
  • Demand for insulin fell from 526 million shots to 516, while price hiked from 0.25$ to0.62$ per pen. Calc approx. PED.
    -1.75
    -1.08
    -0.66
    -0.01
  • Elasticity is equal infinity when quantity demanded is as price sensitive as possible.
    True
    False
  • If income elasticity is between 0 and 1, then the product in question is -----------
    income elastic
    income unit elastic
    income perfectly elastic
    income inelastic
  • If cross elasticity is 0 this means that ---------------
    The two products in question are unrelated
    All the answers are incorrect
    The two products complement each other
    The two products are substitutes
  • If a product costs around 60% of consumers’ income, then this product has elastic demand, Ceteris Paribus.
    True
    False
  • If a product is NOT considered as a necessity, it is said to have inelastic demand.
    False
    True
  • A good is said to have elastic demand if ____________
    The product's cost represents a large portion of consumers' income
    All the answers are correct
    The good is not a necessity
    There are available substitutes
  • ------------- is the degree to which changes in a good’s price affect the quantity demanded.
    Elasticity of Supply
    Elastic Supply
    Elasticity of demand
    Elastic Demand
  • If a product costs around 3% of consumers’ income, then this product has elastic demand.
    True
    False
  • A product’s QD is very sensitive to changes in its price, then this product is said to have a perfect inelastic demand.
    True
    False
  • A Twix chocolate has a high demand elasticity.
    False
    True
  • A good is said to have inelastic demand if __________
    All the answers are correct
    There are no available substitutes
    the product's cost represents a large portion of consumer's income
    The good is not a necessity
  • If cross elasticity is -ve this means that ------------
    The two products are substitutes
    The two products complement each other
    All the answers are incorrect
    The two products are unrelated
  • Essential items with a few substitutes are expected to have relatively elastic demand.
    True
    False
  • A good is said to have elastic demand if -------------
    The good is a necessity
    All answers are correct
    The product's price represents a small portion of consumer's income
    There are available substitutes
  • A product is considered ------------- if its price elasticity of demand is equal to infinity.
    Perfectly elastic
    Relatively inelastic
    Perfectly inelastic
    Relatively elastic
  • A product is considered ------------- if its price elasticity of demand is less than one.
    perfectly elastic
    elastic
    inelastic
    unit elastic
    • Your experience on this site will be improved by allowing cookies.