BUS 1103 Microeconomics - Term 4/ Self Quiz Unit 3/ BUS 1103 - AY2019-T4 ▶︎ 25 April - 1 May ▶︎ Self Quiz Unit 3. All correct Answers Indicated.

Document Content and Description Below

Self Quiz Unit 3 21/05/19, 3*59 PM Question 1 Correct Mark 1.00 out of 1.00 Started on Wednesday, 1 May 2019, 12:37 PM State Finished Completed on Wednesday, 1 May 2019, 12:41 PM Time taken ... 4 mins 49 secs Marks 15.00/15.00 Grade 10.00 out of 10.00 (100%) Using the mid-point formula, what is the price elasticity of demand for a Starbucks latte whose price increases from $3 a cup to $5 a cup with the resulting change in quantity demanded from 15 cups an hour to 5 cups an hour? Select one: a. 1/3 b. 3 c. 2 d. ½ e. 1 2 BUS 1103 Microeconomics - Term 4, 2018-2019 Question 2 Correct Mark 1.00 out of 1.00 Question 3 Correct Mark 1.00 out of 1.00 Using the mid-point formula, which describes the price elasticity of demand for a Starbucks latte whose price increases from $3 a cup to $5 a cup with the resulting change in quantity demanded from 15 cups an hour to 5 cups an hour? Select one: a. Inelastic b. Elastic c. Unitary elastic d. Perfectly elastic e. Perfectly inelastic Elastic Given that total revenue = price x quantity, a reduction in price will lead to an increase in total revenue when demand is: Select one: a. Elastic b. Inelastic c. Unit Elastic d. In equilibrium e. Discontinuous Elastic Question 4 Correct Mark 1.00 out of 1.00 Question 5 Correct Mark 1.00 out of 1.00 A perfectly inelastic supply curve would be ___________. Select one: a. Horizontal b. Downward-sloping c. Upward-sloping d. Vertical e. None of the above Vertical Positive Income Elasticity of a good indicates that the good is __________. Select one: a. A normal good b. An inferior good c. A substitute d. A compliment e. None of the above A normal good Question 6 Correct Mark 1.00 out of 1.00 Question 7 Correct Mark 1.00 out of 1.00 Negative Cross Price Elasticity of Demand between two goods indicates that the two goods are ________. Select one: a. Substitutes b. Inferior goods c. Compliments d. Normal goods e. None of the above Compliments If demand is more inelastic than supply, then who pays most of the taxes on a good? Select one: a. Suppliers b. Producers c. Consumers d. The government e. The deadweight loss Consumers Question 8 Correct Mark 1.00 out of 1.00 Question 9 Correct Mark 1.00 out of 1.00 Elasticities are often _____ in the short run than in the long run. Select one: a. lower b. higher c. the same d. unmeasurable e. inflated lower An example of a perfectly elastic demand curve would be at: Select one: a. A lawyer’s office b. A supermarket c. A clothing store d. A pharmacy e. A grain auction A grain auction Question 10 Correct Mark 1.00 out of 1.00 Question 11 Correct Mark 1.00 out of 1.00 Complete the following statement. We can expect the cross price elasticity of demand between online and traditional classes to be: Select one: a. positive, indicating substitute goods. b. positive, indicating inferior goods. c. positive, indicating normal goods. d. negative, indicating substitute goods. e. zero, indicating normal goods. positive, indicating substitute goods. When an increase in income means that one might purchase less of the good, that good is known as: Select one: a. Normal b. Unusual c. Inferior d. Superior e. Unreal Inferior Question 12 Correct Mark 1.00 out of 1.00 Question 13 Correct Mark 1.00 out of 1.00 A higher level of income for a normal good causes a demand curve to shift to the _____ for a normal good, which means that the income elasticity of demand is ______. Select one: a. right, negative b. left, negative c. left, positive d. right, positive e. left, unitary right, positive The % change in quantity of financial savings divided by % change in interest rate is defined as: Select one: a. Elasticity of labor supply b. Elasticity of savings c. Cross-price elasticity of demand d. Elasticity of interest e. Elasticity of banking Elasticity of savings Question 14 Correct Mark 1.00 out of 1.00 Question 15 Correct Mark 1.00 out of 1.00 ◀ Learning Journal Unit 3 Jump to... Graded Quiz Unit 3 ▶︎ Which of the following goods are more likely to have producers shoulder the burden of a tax increase on their good or service? Select one: a. Cable television providers b. Electricity providers c. Cigarette producers d. Insulin producers e. Wine makers Cable television providers Restaurant meals are generally more elastic than gasoline. Select one: True False The correct answer is 'True'. [Show More]

Last updated: 1 year ago

Preview 1 out of 8 pages