Chapter_5 - YourResultsfor:"SelfStudyQuiz"...

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Your Results for: "Self-Study Quiz" Print this page Site Title: Principles of Economics, Eighth Edition Book Title: Principles of Economics, 8/e Book Author: Case/Fair Location on  Site: Chapter 5 > Self-Study Quiz Date/Time  Submitted: February 7, 2012 at 8:31 AM  (UTC/GMT) Summary of Results 30% Correct  of 30 Scored items: 9 Correct:  30% 21 Incorrect:  70% 3 questions not scored. 30 scored questions. More information about scoring 1. When a good has few close  substitutes readily available:  Your Answer: Elasticity cannot be measured. Correct Answer: Quantity demanded is not nearly a price.   Incorrect. Some of the characteristics above pertain to goods that have many  substitutes. 2. Elasticity  is: Your Answer: A specific qualitative concept that in supply and demand without the Correct Answer: A general concept used to quantif when another variable changes.   Incorrect. Quite the contrary. Elasticity is a general concept used to quantify  the response in one variable when another variable changes. The  importance of actual measurement cannot be overstated.
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The slope of a demand curve is:  Your Answer:   Correct. While the slope does show how quantity demanded responds to a  change in price, it is a poor predictor of responsiveness. Elasticity, which  takes into account proportional changes, is a better measure of  responsiveness. 4. Which of the following statements  concerning the value of demand  elasticity is/are true? Your Answer: Elasticity of demand is stated in a Correct Answer: All of the above.   Incorrect. Other answers are also correct. However, demand is always stated  in absolute terms. That is, we pay more attention to the value itself than to  the sign associated with that value. 5. When the percentage change in  quantity demanded is greater than  the percentage change in price:  Your Answer: There is little responsiveness in q price. Correct Answer: The value of demand elasticity is    Incorrect. As long as there are many substitutes, consumers can easily  switch to other goods if the price of the good in question increases. 6.
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Chapter_5 - YourResultsfor:"SelfStudyQuiz"...

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