parkin chapter 04testbank econ1000.docx
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parkin chapter 04testbank econ1000.docx
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parkinchapter04testbankecon1000
Chapter4Elasticity
4.1PriceElasticityofDemand
1)Apriceelasticityofdemandof2meansthata10percentincreaseinpricewillresultina
A)2percentdecreaseinquantitydemanded.
B)20percentdecreaseinquantitydemanded.
C)5percentdecreaseinquantitydemanded.
D)2percentincreaseinquantitydemanded.
E)20percentincreaseinquantitydemanded.
Answer:
B
Diff:
2Type:
MC
Topic:
PriceElasticityofDemand
2)Thepriceelasticityofdemandisaunits-freemeasureoftheresponsivenessofthe________whenallotherinfluencesonbuyingplansremainthesame.
A)quantitydemandedtoachangeinthepriceofasubstituteorcomplement
B)quantitydemandedtoachangeinincome
C)quantitydemandedofagoodtoachangeinitsprice
D)pricetoachangeinquantitydemanded
E)noneoftheabove
Answer:
C
Diff:
1Type:
MC
Topic:
PriceElasticityofDemand
3)Theconceptusedbyeconomiststoindicatetheresponsivenessofthequantitydemandedofagoodtoachangeinitspriceisthe
A)crosselasticityofdemand.
B)incomeelasticityofdemand.
C)substituteelasticityofdemand.
D)priceelasticityofdemand.
E)elasticityofsupply.
Answer:
D
Diff:
1Type:
MC
Topic:
PriceElasticityofDemand
4)Ifa10percentriseinpriceleadstoan8percentdecreaseinquantitydemanded,thepriceelasticityofdemandis
A)0.8.
B)1.25.
C)8.
D)0.125.
E)80.
Answer:
A
Diff:
2Type:
MC
Topic:
PriceElasticityofDemand
5)Ifalargepercentagedropinthepricelevelresultsinasmallpercentageincreaseinthequantitydemanded,
A)demandisinelastic.
B)demandiselastic.
C)demandisunitelastic.
D)thepriceelasticityofdemandisclosetoinfinity.
E)thepriceelasticityofdemandiszero.
Answer:
A
Diff:
2Type:
MC
Topic:
PriceElasticityofDemand
6)Thepriceofapplesfallsby5percentandquantityofapplesdemandedincreasesby6percent.Weconcludethatthedemandforapplesis
A)perfectlyelastic.
B)unitelastic.
C)elastic.
D)perfectlyinelastic.
E)inelastic.
Answer:
C
Diff:
2Type:
MC
Topic:
PriceElasticityofDemand
7)Thepriceoforangesrisesby3percentandquantityoforangesdemandeddecreasesby3percent.Weconcludethatthedemandfororangesis
A)inelastic.
B)elastic.
C)perfectlyinelastic.
D)perfectelastic.
E)unitelastic.
Answer:
E
Diff:
2Type:
MC
Topic:
PriceElasticityofDemand
8)Thepriceofplumsfallsby7percentandquantityofplumsdemandedincreasesby6.75percent.Weconcludethatthedemandforplumsis
A)inelastic.
B)perfectlyelastic.
C)perfectlyinelastic.
D)elastic.
E)unitelastic.
Answer:
A
Diff:
2Type:
MC
Topic:
PriceElasticityofDemand
9)ThepriceofgoodAfallsby10percentandquantityofgoodAdemandeddoesnotchange.WeconcludethatthedemandforgoodAis
A)perfectlyelastic.
B)inelastic.
C)perfectlyinelastic.
D)elastic.
E)unitelastic.
Answer:
C
Diff:
2Type:
MC
Topic:
PriceElasticityofDemand
10)Whichoneofthefollowingillustratesaninelasticdemand?
A)A10percentriseinpriceleadstoa5percentdecreaseinquantitydemanded.
B)A10percentriseinpriceleadstoa20percentdecreaseinquantitydemanded.
C)Apriceelasticityofdemandequaltoinfinity.
D)Apriceelasticityofdemandequalto1.0.
E)Apriceelasticityofdemandequalto2.0.
Answer:
A
Diff:
2Type:
MC
Topic:
PriceElasticityofDemand
11)Whichoneofthefollowingillustratesanelasticdemand?
A)A10percentriseinpriceleadstoa5percentdecreaseinquantitydemanded.
B)A10percentriseinpriceleadstoa20percentdecreaseinquantitydemanded.
C)Apriceelasticityofdemandequalto0.2.
D)Apriceelasticityofdemandequalto1.0.
E)Apriceelasticityofdemandequaltozero.
Answer:
B
Diff:
2Type:
MC
Topic:
PriceElasticityofDemand
12)Ifa12percentfallinpriceresultsinan8percentincreaseinquantitydemanded,thepriceelasticityofdemandequals
A)0.96.
B)0.12.
C)0.67.
D)1.5.
E)0.8.
Answer:
C
Diff:
2Type:
MC
Topic:
PriceElasticityofDemand
13)ThedemandforgoodAisunitelasticif
A)a5percentfallinthepriceofAresultsinaninfiniteincreaseinthequantityofAdemanded.
B)a5percentriseinthepriceofAresultsina10percentdecreaseinthequantityofAdemanded.
C)anyincreaseinthepriceofAresultsina1percentdecreaseinthequantityofAdemanded.
D)a5percentriseinthepriceofAresultsinnochangeinthequantityofAdemanded.
E)a5percentriseinthepriceofAresultsina5percentdecreaseinthequantityofAdemanded.
Answer:
E
Diff:
2Type:
MC
Topic:
PriceElasticityofDemand
14)Demandisinelasticif
A)asmallchangeinpriceresultsinalargechangeinquantitydemanded.
B)thequantitydemandedisveryresponsivetoachangeinprice.
C)thepriceelasticityofdemandis0.2.
D)thepricedoesnotchangewhensupplyincreases.
E)a10percentchangeinpriceresultsina1percentchangeinthequantitysupplied.
Answer:
C
Diff:
2Type:
MC
Topic:
PriceElasticityofDemand
15)Ifthedemandcurveforagoodisahorizontalline,thenthegoodhas
A)zeroincomeelasticity.
B)priceelasticityofdemandequaltozero.
C)infinitepriceelasticityofdemand.
D)apriceelasticityofdemandthatislikelytoriseintheshortrun.
E)apriceelasticityofdemandthatislikelytofallintheshortrun.
Answer:
C
Diff:
2Type:
MC
Topic:
PriceElasticityofDemand
16)Ifa10percentriseinthepriceofgoodsleadstoa10percentdecreaseinquantitydemanded,thedemandcurveforthisgood
A)isvertical.
B)ishorizontal.
C)hasslopeequalto1.
D)isastraightlinewithslopeequalto10.
E)noneoftheabove.
Answer:
E
Diff:
2Type:
MC
Topic:
PriceElasticityofDemand
17)Aunitelasticdemand
A)meansthattheratioofachangeinquantitydemandedtoachangeinpriceisequalto1.
B)meansthattheratioofapercentagechangeinquantitydemandedtoapercentagechangeinpriceisequalto1.
C)meansthattheratioofachangeinpricetoachangeinquantitydemandedisequalto1.
D)isillustratedbyahorizontaldemandcurve.
E)isillustratedbyaverticaldemandcurve.
Answer:
B
Diff:
2Type:
MC
Topic:
PriceElasticityofDemand
18)Supposeariseinthepriceofagoodfrom$6.50to$7.50leadstoadecreaseinthequantitydemandedfrom10,500to9,500units.Inthisrangeofdemand,thepriceelasticityofdemandis
A)14.
B)7.
C)1,000.
D)1.
E)0.7.
Answer:
E
Diff:
2Type:
MC
Topic:
PriceElasticityofDemand
19)Afallinthepriceofagoodfrom$11.50to$8.50resultsinanincreaseinthequantitydemandedfrom19,200to20,800units.Thepriceelasticityofdemandis
A)0.27.
B)3.75.
C)0.08.
D)8.0.
E)30.
Answer:
A
Diff:
2Type:
MC
Topic:
PriceElasticityofDemand
20)Afallinthepriceofagoodfrom$10.50to$9.50resultsinanincreaseinthequantitydemandedfrom18,800to21,200units.Thepriceelasticityofdemandis
A)0.8.
B)1.25.
C)1.2.
D)8.0.
E)2.4.
Answer:
C
Diff:
2Type:
MC
Topic:
PriceElasticityofDemand
21)Supposethequantityofrootbeerdemandeddecreasesfrom105,000litresperweekto95,000litresperweekwhenthepricerisesby5percent.Thepriceelasticityofdemand
A)is2.0.
B)is0.5.
C)is10.
D)isinelastic.
E)cannotbecomputedunlessweknowtheoriginalpriceandthenewprice.
Answer:
A
Diff:
2Type:
MC
Topic:
PriceElasticityofDemand
22)SupposethatthepriceelasticityofdemandforbottledwaterinSackville,NewBrunswickis1.5,whilethepriceelasticityofdemandforbottledwaterinPrinceAlbert,Saskatchewanis0.93.ThisimpliesthatthedemandinSackvilleis________anddemandinPrinceAlbertis________.
A)unitelastic;unitelastic
B)perfectlyelastic;inelastic
C)inelastic;elastic
D)elastic;inelastic
E)elastic;unitelastic
Answer:
D
Diff:
2Type:
MC
Topic:
PriceElasticityofDemand
23)SupposethegovernmentofNovaScotiawantstoreducetheconsumptionofelectricityby5percent.Thepriceelasticityofdemandforelectricityis0.40.YouadvisetheNovaScotiagovernmentto
A)raisethepriceofelectricityby12.5percent.
B)raisethepriceofelectricityby2percent.
C)lowerthepriceofelectricityby12.5percent.
D)stayawayfromthemarketforelectricityandletthemarketmechanismfixtheproblem.
E)lowerthepriceofelectricityby2percent.
Answer:
A
Diff:
2Type:
MC
Topic:
PriceElasticityofDemand
24)SupposetheLethbridgeComputerCompanydecidestoincreasethequantityofcomputersitsellsby6percent.Ifthepriceelasticityofdemandis3.5,thecompanymust
A)raisethepriceofacomputerby1.714percent.
B)raisethepriceofacomputerby0.21percent.
C)lowerthepriceofacomputerby0.21percent.
D)lowerthepriceofacomputerby1.714percent.
E)lowerthepriceofacomputerby0.58percent.
Answer:
D
Diff:
2Type:
MC
Topic:
PriceElasticityofDemand
25)IfthedemandforsalmoninCapeBretonNovaScotiaisunitelastic,thepriceelasticityofdemandforsalmonequals
A)1.0.
B)100.0.
C)0.10.
D)zero.
E)10.0.
Answer:
A
Diff:
2Type:
MC
Topic:
PriceElasticityofDemand
26)Atapriceof$15,Jack'squantitydemandedofgoodAisthesameaswhenthepricerisesto$16.Jack'sdemandforgoodAis
A)elastic.
B)inelastic.
C)perfectlyelastic.
D)unitelastic.
E)perfectlyinelastic.
Answer:
E
Diff:
2Type:
MC
Topic:
PriceElasticityofDemand
27)Whichoneofthefollowingwillyieldameasuredpriceelasticityofdemandof5.0?
A10percentriseinpriceresultsina
A)10percentdecreasei
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