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### Ch 5 - Revision Questions

Course: ITEC 3290, Spring 2012
School: East Carolina
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Word Count: 568

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5 Ch - Revision Questions DL-S 06/11/09 1. If a small percentage increase in the price of a good greatly reduces the quantity demanded for that good, the demand for that good is: a. price inelastic b. price elastic c. unit price elastic d. income elastic e. income inelastic 2. The price elasticity of demand is defined as: a. the percentage change in the price of a good divided by the percentage change in the...

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5 Ch - Revision Questions DL-S 06/11/09 1. If a small percentage increase in the price of a good greatly reduces the quantity demanded for that good, the demand for that good is: a. price inelastic b. price elastic c. unit price elastic d. income elastic e. income inelastic 2. The price elasticity of demand is defined as: a. the percentage change in the price of a good divided by the percentage change in the quantity demanded of the good. b. the percentage change in income divided by the percentage change in the quantity demanded. c. the percentage change in the quantity demanded of a good divided by the percentage change in the price of that good. d. the percentage change in the quantity demanded divided by the percentage change in income. 3. In general, a flatter demand curve is more likely to be: a. price inelastic b. price elastic c. unit price elastic d. none of the above 4. In general, a steeper supply curve is more likely to be: a. price inelastic b. price elastic c. unit price elastic d. none of the above 5. Which of the following would cause a demand curve for a good to be price inelastic? a. there are a great number of substitutes for the good. b. the good is inferior. c. the good is a luxury. d. the good is a necessity. 1 6. The demand for which of the following is likely to be the most price inelastic? a. airline tickets b. bus tickets c. taxi rides d. transportation 7. If consumers think that there are very few substitutes for a good, then: a. supply would tend to be price elastic. b. supply would tend to be price inelastic. c. demand would tend to be price elastic. d. would demand tend to be price inelastic. 8. If a supply curve for a good is price elastic, then: a. the quantity supplied is sensitive to changes in the price of that good. b. the quantity supplied is insensitive to changes in the price of that good. c. the quantity demanded is sensitive to changes in the price of that good. d. the quantity demanded is insensitive to changes in the price of that good. 9. If a fisherman must sell all of his daily catch before it spoils for whatever price he is offered, once the fish are caught the fisherman's price elasticity of supply for fresh fish is: a. zero b. one c. infinity d. none of the above 10. If supply is price inelastic, the value of the price elasticity of supply must be: a. zero b. less than 1 c. greater than 1 d. infinity 11. If demand is linear (a straight line), then price elasticity of demand is: a. constant along the demand curve. b. inelastic in the upper portion and elastic in the lower portion. c. elastic in the upper portion and inelastic in the lower portion. d. elastic throughout. 12. If the income elasticity of demand for a good is negative, it must be: a. a luxury good. b. a normal good. c. an inferior good. d. an elastic good. 2 Use the following information to answer the question below. Suppose that at a price of Dhs 30 per month, there are 30,000 subscribers to E-Vision (cable TV) in Fujairah. If the price was to rise to Dhs 40 per month, the number of subscribers will fall to 20,000. 13. What is the price elasticity of demand for E-Vision in Fujairah? a. 0.66 b. 0.75 c. 1.0 d. 1.4 e. 2.0 ....................... 3
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East Carolina - ITEC - 3290
ch3 AP MacroEcoFigure 3-9Uzbekistan's Production Possibilities Frontier100 90 80 70 60 50 40 30 20 10 5 10 15 20 25 30 35 40 45 50 bolts nailsAzerbaijan's Production Possibilities Frontier100 90 80 70 60 50 40 30 20 10 5 10 15 20 25 30 35 40 45 50 bo
East Carolina - ITEC - 3290
CHAPTER 31Public Choice Theory and the Economics of TaxationA. Short-Answer, Essays, and Problems1. What are the basic differences between public choice theory and the economics of taxation? 2. Why may majority voting produce economically inefficient o
East Carolina - ITEC - 3290
Chapter 6 Supply, Demand, and Government PoliciesMULTIPLE CHOICE 1. Price controls are a. used to make markets more efficient. b. usually enacted when policymakers believe that the market price of a good or service is unfair to buyers or sellers. c. near
East Carolina - ITEC - 3290
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East Carolina - ITEC - 3290
Chapter 8 Applications: The Costs of TaxationMULTIPLE CHOICE 1. In 1776, the American Revolution was sparked by anger over a. the extravagant lifestyle of British royalty. b. the crimes of British soldiers stationed in the American Colonies. c. British t
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AP Economics Mankiw Chapter 10 Practice Test Directions: Mark T or F for the following statements. _ 1. A positive externality is an external benefit that accrues to the buyers in a market while a negative externality is an external cost that accrues to t
East Carolina - ITEC - 3290
Chapters 1-3 Drill w solutionMultiple Choice Identify the choice that best completes the statement or answers the question. _ 1. Which of the following is true? a. Efficiency refers to the size of the economic pie; equality refers to how the pie is divid
East Carolina - ITEC - 3290
Chpt 3 Gains from TradeTrue/False Indicate whether the statement is true or false. _ _ _ _ _ 1. A production possibilities frontier is a graph that shows the combination of outputs that an economy should produce. 2. Production possibilities frontiers can
East Carolina - ITEC - 3290
Business Letter Assignment 40 pointsFirst make sure to read the information in Chapter 14 on business letters. It is important that you understand the different formats and types of letters for this assignment. Once you have read chapter 14, choose one o
East Carolina - ITEC - 3290
East Carolina - ITEC - 3290
East Carolina - ITEC - 3290
Are fundamental to business communication Help readers understand concepts Often incorporate graphicsHelp readers understand what you mean by a word or phraseUsually provide a fuller picture of an object, a mechanism, or a process Give details about co
East Carolina - ITEC - 3290
East Carolina - ITEC - 3290
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East Carolina - ITEC - 3290
East Carolina - ITEC - 3290
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East Carolina - ITEC - 3290
East Carolina - ITEC - 3290
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East Carolina - ITEC - 3290
Technical Document Analysis: Carolyn Dunn Figure 1 shown below is a photograph of a sign hanging outside the hospital in Latrobe, Pennsylvania where my mother had her recent surgery. When I saw it, I took a picture of it with my phone, thinking that since
East Carolina - ITEC - 3290
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East Carolina - ITEC - 3290
Extra Credit 1. The only two countries in the world, Alpha and Omega, face the following production possibilities frontiers (all units measured in tons).Alpha's Production Possibilities Frontierpopcorn 300 275 250 225 200 175 150 125 100 75 50 25 25 50
East Carolina - ITEC - 3290
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East Carolina - ITEC - 3290
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East Carolina - ITEC - 3290
Graph Assignment Instructions 40 PointsGraphs and tables are a good way to help your reader understand and organize information. This assignment will help you practice creating different kinds of graphs and tables. As you create your table and graphs mak
East Carolina - ITEC - 3290
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East Carolina - ITEC - 3290
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East Carolina - ITEC - 3290
East Carolina - ITEC - 3290
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East Carolina - ITEC - 3290
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East Carolina - ITEC - 3290
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East Carolina - ITEC - 3290
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East Carolina - ITEC - 3290
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East Carolina - ITEC - 3290
East Carolina UniversityCollege of Technology and Computer Science Department of Technology Systems ITEC 3290: Technical Writing (Section 501/ 601/602)Catalog Description: Practice in writing about technical problems of significance to student.Writing
East Carolina - ITEC - 3290
Job Application Assignment 40 pointsYou are to write a job application letter for an actual position that you have heard about, seen advertised or one that you would like to have (in which case you will create your own job description data, including com
East Carolina - ITEC - 3290
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East Carolina - ITEC - 3290
The Honor Society of Phi Kappa Phi ECU Chapter No. 114 East Carolina University c/o The College of Health &amp; Human Performance, Minges Coliseum 60 Greenville, NC 27858 email: phikappaphi@ecu.edu web site: www.ecu.edu/org/pkp _East Carolina University is
East Carolina - ITEC - 3290
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East Carolina - ITEC - 3290
East Carolina - ITEC - 3290
East Carolina - ITEC - 3290
East Carolina - ITEC - 3290
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East Carolina - ITEC - 3290
TO: FAX #: DATE:FROM: FAX #:Memo:FreeFaxCoverSheets.net
East Carolina - ITEC - 3290
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East Carolina - ITEC - 3290
East Carolina - ITEC - 3290
Practice Test 4-5Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. _ 1. A competitive market is one in which a. there is only one seller of the product. b. each seller of the product is free to s
East Carolina - ITEC - 3290
Practice Test 10Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. _ 1. Which of the following is the best statement about markets? a. Markets are usually a good way to organize economic activity.
East Carolina - ITEC - 3290
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East Carolina - ITEC - 3290
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East Carolina - ITEC - 3290
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East Carolina - ITEC - 3290
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East Carolina - ITEC - 3290
ReturnEast Carolina UniversityOffice of Veteran Affairs Phone: 252-328-1731 regis@ecu.edu 101 Whichard Building Fax: 252-328-4232 Greenville, NC 27858 POC: Connie S. Blake blakec@ecu.eduFull Name: (first)(middle)(last)Phone: *ECU email address: @stu
East Carolina - ITEC - 3290
Submit by EmailPrint FormReturnEast Carolina UniversityOffice of Veteran Affairs Phone: 252-328-1731 regis@ecu.edu 101 Whichard Building Fax: 252-328-4232 Greenville, NC 27858 POC: Connie S. Blake blakec@ecu.eduFor your convenience you may complete t
East Carolina - ITEC - 3290
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East Carolina - ITEC - 3290
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East Carolina - ITEC - 3290
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East Carolina - ITEC - 3290
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East Carolina - ITEC - 3290
Earth's Temperature Rises from Human Activity&quot;Scientists expect that the earth's average global surface temperature Could rise 1-4.5 degrees F in the next fifty years&quot;.Earth's Crust WarmingAccording to the National Academy of Sciences, the Earth's surf
East Carolina - ITEC - 3290
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East Carolina - ITEC - 3290
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