Economics 12E - Arnold - TB_109

Economics 12E - Arnold - TB_109 - c less than the...

Info icon This preview shows pages 1–3. Sign up to view the full content.

c. less than the percentage change in the quantity demanded of good Z. d. equal to the percentage change in the price of good Z. e. greater than the percentage change in the price of good Z. ANSWER: a POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic LOCAL STANDARDS: United States - OH - Default City - DISC: Elasticity KEYWORDS: Bloom's: Comprehension 165. Income elasticity of demand for good A is -0.22. Good A is income __________ and is a(n) __________ good. a. unit elastic; normal b. elastic; inferior c. inelastic; normal d. elastic; normal e. inelastic; inferior ANSWER: e POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic LOCAL STANDARDS: United States - OH - Default City - DISC: Elasticity KEYWORDS: Bloom's: Application 166. For a normal good, __________ falls as income __________; for an inferior good, __________ rises as income __________. POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic LOCAL STANDARDS: United States - OH - Default City - DISC: Elasticity KEYWORDS: Bloom's: Application 167. As the price of a good falls from $5 to $3, the quantity supplied of the good falls from 550
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

units to 400 units. Price elasticity of supply is POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic LOCAL STANDARDS: United States - OH - Default City - DISC: Elasticity KEYWORDS: Bloom's: Application NOTES: New
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern