Elasticity Essentials Quiz

Froggy Jumps

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Test your elasticity knowledge.

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Montex

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Froggy Jumps Elasticity Essentials QuizVersión en línea Test your elasticity knowledge. por Montex 1 What does YED measure in economics? a The responsiveness of supply to price changes b The change in price due to income c The responsiveness of demand to income changes 2 What type of good has positive income elasticity when demand rises with income? a Normal good b Luxury only after a threshold c Inferior good 3 Which elasticity uses the formula: percentage change in quantity demanded divided by percentage change in price? a Income elasticity of demand (YED) b Price elasticity of demand (PED) c Price elasticity of supply (PES) 4 If XED is positive and large, the goods are likely? a Unrelated goods b Close substitutes c Complements 5 What does PES measure? a Responsiveness of quantity supplied to price changes b Responsiveness of demand to income c Relationship between price and quantity demanded 6 Which scenario indicates unitary elasticity in PED terms? a PED equals 1 b PED equals 0 c PED greater than infinity 7 Which factor affects elasticity of demand by making consumers switch over time? a Habit formation b Adjustment time c Income level only 8 If a good is a luxury, its YED is typically: a Less than one b Exactly zero c Greater than one 9 Which term describes demand that changes very little when price changes? a Elastic demand b Inelastic demand c Unitary demand 10 What does XED tell us about two goods when its value is negative? a They are substitutes b They are complements c They are unrelated

Froggy Jumps

Elasticity Essentials QuizVersión en línea

Test your elasticity knowledge.

por Montex

What does YED measure in economics?

The responsiveness of supply to price changes

The change in price due to income

The responsiveness of demand to income changes

What type of good has positive income elasticity when demand rises with income?

Normal good

Luxury only after a threshold

Inferior good

Which elasticity uses the formula: percentage change in quantity demanded divided by percentage change in price?

Income elasticity of demand (YED)

Price elasticity of demand (PED)

Price elasticity of supply (PES)

If XED is positive and large, the goods are likely?

Unrelated goods

Close substitutes

Complements

What does PES measure?

Responsiveness of quantity supplied to price changes

Responsiveness of demand to income

Relationship between price and quantity demanded

Which scenario indicates unitary elasticity in PED terms?

PED equals 1

PED equals 0

PED greater than infinity

Which factor affects elasticity of demand by making consumers switch over time?

Habit formation

Adjustment time

Income level only

If a good is a luxury, its YED is typically:

Less than one

Exactly zero

Greater than one

Which term describes demand that changes very little when price changes?

Elastic demand

Inelastic demand

Unitary demand

What does XED tell us about two goods when its value is negative?

They are substitutes

They are complements

They are unrelated

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Elasticity Essentials Quiz

Froggy Jumps

Sobre esta actividad

Creada por

Descarga la versión para jugar en papel

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Froggy Jumps

Elasticity Essentials QuizVersión en línea

por Montex

What does YED measure in economics?

What type of good has positive income elasticity when demand rises with income?

Which elasticity uses the formula: percentage change in quantity demanded divided by percentage change in price?

If XED is positive and large, the goods are likely?

What does PES measure?

Which scenario indicates unitary elasticity in PED terms?

Which factor affects elasticity of demand by making consumers switch over time?

If a good is a luxury, its YED is typically:

Which term describes demand that changes very little when price changes?

What does XED tell us about two goods when its value is negative?

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