Chapter 5 ACTUAL QUIZ

# Chapter 5 ACTUAL QUIZ - Chapter 5 Quiz Name Thomas Ronan...

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

Chapter 5 Quiz Name: Thomas Ronan Start time: July 13, 2009 11:51am Number of questions: 20 Finish Help Question 1 (1.25 points) The price elasticity of demand is a measure of a. how much a change in demand affects the equilibrium price. b . buyers' responsiveness to changes in the price of a product. c. the equilibrium price of a product. d . the amount of a product purchased when income increases. e. whether a product is a substitute or a complement. Save answer Question 2 (1.25 points) If the price elasticity of demand for razors is 0.32, the demand for razors is a. inelastic. b . unit elastic. c. perfectly elastic. d . elastic. e. perfectly inelastic. Save answer Question 3 (1.25 points) The demand for a good is more elastic if the a. supply of the good is plentiful. b . good is narrowly defined. c. good has few substitutes. d . good is a necessity. e. Both answers B and C are correct. Save answer

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

View Full Document
Question 4 (1.25 points) One reason why the demand for gasoline is inelastic is because a. substitutes for gas abound. b . people have a long time to shop around for automobiles that use less gas. c. gasoline is a luxury item. d . buses run on diesel fuel rather than gasoline. e. substitutes for gas are hard to find. Save answer Question 5 (1.25 points) We calculate the price elasticity of demand as the a. ratio of the percentage change in the quantity demanded to the percentage change in price. b . percentage change in the quantity demanded divided by the percentage change in income. c. ratio of the percentage change in the price to the percentage change in quantity.
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

### What students are saying

• 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.

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

• 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.

Dana University of Pennsylvania ‘17, Course Hero Intern

• 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.

Jill Tulane University ‘16, Course Hero Intern