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ECON QUIZ 4-3

Multiple Choice

Determine the choice that best completes the statement or answers the question.

____1. Total income is determined by

a.

multiplying the cost of a product by product.

m.

measuring the elasticity of the quantity required.

c.

dividing the price of the item by demand.

d.

separating the demand intended for the product simply by its price.

____2. The partnership between the difference in price and total earnings for an elastic require curve is actually a.

variable.

c.

inverse.

m.

unit supple.

d.

immediate.

____3. All of the following are determinants of demand suppleness EXCEPT a.

whether the getting the product could be delayed

w.

whether you will discover adequate substitutes for the product.

c.

if the purchase of the merchandise requires a significant portion of income. d.

whether the product offers utility.

____4. A company diminishes the price of a gallon of milk by 10 percent and the company's total revenues show up significantly. What term finest describes the demand for milk? a.

flexible

c.

device elastic

m.

inelastic

deb.

demand flexible

____5. All of the following goods have relatively inelastic require EXCEPT a.

a physician's services.

c.

stereo equipment.

b.

cigarette products.

d.

prescription drugs.

Corresponding

Match each statement with all the correct item below.

a.

the extent to which a big change in price causes a change in the quantity demanded b.

details demand every time a given enhancements made on price causes a relatively small change in the quantity demanded c.

describes demand when a provided change in value causes a proportional difference in the quantity demanded d.

evaluation of the associated with a price change to determine firmness e.

a measure of responsiveness that reveals how a based mostly variable such as quantity responds to an self-employed variable just like price farreneheit.

describes require when a given change in price causes a comparatively larger change in the quantity demanded

____6. elasticity

____7. demand elasticity

____8. elastic

____9. unit flexible

____10. inelastic

ECON QUESTIONS 4-3

Solution Section

MULTIPLE CHOICE

1 ) ANS: APTS: 1DIF: Common

REF: Find out more about this issue in Economics Principles and Practices, webpage 103, and the Reading Essentials and Study Guideline, Chapter 4, Section 3. � For extra practice, total Chapter some, Section several, of the Online Tutor Self-Assessment CD-ROM, and visit this kind of book's On the web Learning Centre at epp. glencoe. com. NOT: Web page 103

installment payments on your ANS: CPTS: 1DIF: Average

REF: Find out more about this question in Economics Principles and Practices, page 103, in addition to the Studying Essentials and Study Guidebook, Chapter 5, Section several. � For more practice, complete Chapter 5, Section several, of the Fun Tutor Self-Assessment CD-ROM, and visit this kind of book's On the web Learning Middle at epp. glencoe. com. NOT: Site 103

three or more. ANS: DPTS: 1DIF: Challenging

REF: Find out more on this problem in Economics Principles and Practices, web pages 101-102, and the Studying Essentials and Study Guidebook, Chapter some, Section 3. � For additional practice, finish Chapter 5, Section three or more, of the Fun Tutor Self-Assessment CD-ROM, and visit this book's On the net Learning Middle at epp. glencoe. com. NOT: Internet pages 101-102

four. ANS: BPTS: 1DIF: Normal

REF: Learn more about this query in Economics Principles and Practices, page 102, in addition to the Studying Essentials and Study Guideline, Chapter 4, Section three or more. � For extra practice, finish Chapter 5, Section three or more, of the Online Tutor Self-Assessment CD-ROM, and visit this book's On-line Learning Centre at epp. glencoe. com. NOT: Page 102

5. ANS: CPTS: 1DIF: Easy

REF: Find out more on this issue in Economics Principles and Practices, page 102, in addition to the Studying Essentials and Study Guideline, Chapter four, Section several. � For additional practice, complete Chapter some, Section 3, of the Fun Tutor Self-Assessment CD-ROM, and visit this kind of book's On-line Learning Middle at epp. glencoe. com. NOT:...

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