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Questions to ECO 365 Week 1 Knowledge Check are as follow:
1. Price elasticity of demand is the
• change in the quantity of a good demanded divided by the change in the price of that good
• change in the price of a good divided by the change in the quantity of the good demanded
• percentage change in price of that good divided by the percentage change in the quantity of that good demanded
• percentage change in quantity of a good demanded divided by the percentage change in the price of that good
2. in general, the greater the elasticity, the
• smaller the responsiveness of price to changes in quantity
• smaller the responsiveness of quantity to changes in price
• larger the responsiveness of price to changes in quantity
• larger the responsiveness of quantity to changes in price
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3. The price elasticity of supply is the
• change in the quantity supplied divided by the change in price
• percentage change in the quantity supplied divided by the percentage change in price
• change in price divided by the change in the quantity supplied
• percentage change in the price divided by the percentage change in the quantity supplied
4. The distinction between demand and the quantity demanded is best made by saying that
• demand is represented graphically by a curve and quantity demanded as a point on that curve
• the quantity demanded is represented graphically by a curve and demand as a point on that curve
• the quantity demanded is in a direct relation with prices, whereas demand is in an inverse relation
• the quantity demanded is in an inverse relation with prices, whereas demand is in direct relation
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