ECO 365 Week 1 Knowledge Check - 100% Correct
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1. Price elasticity of demand is the
A. change in the quantity of a good demanded divided by the change in the price of that good
B. change in the price of a good divided by the change in the quantity of the good demanded
C. percentage change in price of that good divided by the percentage change in the quantity of that good demanded
D. 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
A. smaller the responsiveness of price to changes in quantity
B. smaller the responsiveness of quantity to changes in price
C. larger the responsiveness of price to changes in quantity
D. larger the responsiveness of quantity to changes in price
3. The price elasticity of supply is the
A. change in the quantity supplied divided by the change in price
B. percentage change in the quantity supplied divided by the percentage change in price
C. change in price divided by the change in the quantity supplied
D. 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
A. demand is represented graphically by a curve and quantity demanded as a point on that curve
B. the quantity demanded is represented graphically by a curve and demand as a point on that curve
C. the quantity demanded is in a direct relation with prices, whereas demand is in an inverse relation
D. the quantity demanded is in an inverse relation with prices, whereas demand is in direct relation
5. The U.S. Postal Service printed 150,000 sheets of stamps depicting Bill Pickett, but recalled them when the USPS realized the image on the stamp was Bill's brother, Ben, instead. They were unable to recall 183...