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Unformatted text preview: Econ 251 September 16, 2009 POP-UP QUIZ I 1. Which of the following is NOT a factor of production? a. Labor b. Entrepreneurship c. Bonds d. Land 2. We cannot clearly determine whether the new equilibrium quantity is greater than, less than or equal to the old equilibrium quantity, if a. Both demand and supply increase b. Demand increases but supply decreases c. Both demand and supply decrease d. Demand decreases but supply remains same 3. You buy more of good X if your income increases. To you good X is a a. Superior good b. Normal good c. Abnormal good d. Inferior good 4. The price of bread has increased by 10% and, as a response to the price increase, the quantity demanded for bread has decreased by 5%. So we can say a. Bread has elastic demand b. Bread has unit elastic demand c. Bread has inelastic demand d. Bread has perfectly elastic demand 5. If the cross price elasticity of demand between good A and good B is positive then the...
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This note was uploaded on 04/04/2012 for the course MGMT 251 taught by Professor Jeon,jooyoung during the Fall '09 term at Purdue University-West Lafayette.
- Fall '09