Economics - 2
Understanding Price Elasticity
Test your knowledge of basic economic concepts related to demand and price elasticity in this engaging quiz! Whether you're a student or just curious about economics, this quiz is designed to challenge your understanding of critical terms and principles.
In this quiz, you will:
- Explore key definitions and concepts
- Identify types of goods based on income elasticity
- Analyze demand responsiveness in various scenarios
Select the correct sentence
The degree of responsiveness of supply to the change in its determinants is called elasticity of demand.
Price elasticity of demand is the percentage change in demand as a result of one per cent change in the price of a substitute commodity.
The closer the substitute, the lower the price elasticity (elastic) of demand for a commodity.
All of the above are incorrect
When the proportion of income spent on a good is minute, its demand is:
Inelastic
Elastic
Neither elastic nor inelastic
Unitary elastic
If consumers need longer to adjust to a new price the demand of that good is:
Highly inelastic
Highly elastic
Somewhat inelastic
Somewhat elastic
What is an 'inferior good'?
A good with a direct substitution effect
A good whose demand isn't effected by consumer income
A good with negative income elasticity
A good which is complementary to another good
The equation "(ey = 1)" shows the elasticity of which type of good?
Essential
Luxury
Inferior
Comfort
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