Economics: Microeconomic Analysis - Reading 13: Elasticity - white, black, quantity, class

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Q11. If quantity demanded declines 20% when incomes fall 3%, this good is:

A)   a necessity.

B)   a luxury good.

C)   an inferior good.

Q12. Income elasticity is defined as the:

A)   change in quantity demanded divided by the change in income.

B)   percentage change in income divided by the percentage change in the quantity demanded.

C)   percentage change in the quantity demanded divided by the percentage change in income.

Q13. When household incomes go down and the quantity of a product demanded goes up, the product is:

A)   a necessity.

B)   an inferior good.

C)   a normal good.

Q14. If the price elasticity of demand is -1.5 and you increase the price of the product 2%, the quantity demanded will (closest to):

A)   decrease 1.5%.

B)   decrease 3%.

C)   decrease 0.75%.

Q15. If the price of a candy bar increases from $0.50 to $0.55 and the quantity demanded decreases from 267 to 235, the price elasticity of demand is:

A)  -1.34.

B)  1.34.

C)  -1.23.

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