تكلم مع الذكاء الاصطناعي
Deck 20: Elasticity
ملء الشاشة (f)
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Exhibit 20-1
Refer to Exhibit 20-1.The demand curve D? is
A) inelastic.
B) elastic.
C) unit elastic.
D) perfectly elastic.
E) perfectly inelastic.
Refer to Exhibit 20-1.The demand curve D? is
A) inelastic.
B) elastic.
C) unit elastic.
D) perfectly elastic.
E) perfectly inelastic.
سؤال
سؤال
Exhibit 20-2
Refer to Exhibit 20-2.The market for good X is initially in equilibrium at $5.The government then places a per-unit tax on good X,as shown by the shift of S? to S?.As a result,the equilibrium price
A) rises from $5.00 to $6.25.
B) falls from $5.00 to $4.00.
C) remains constant at $5.00.
D) none of the above
Refer to Exhibit 20-2.The market for good X is initially in equilibrium at $5.The government then places a per-unit tax on good X,as shown by the shift of S? to S?.As a result,the equilibrium price
A) rises from $5.00 to $6.25.
B) falls from $5.00 to $4.00.
C) remains constant at $5.00.
D) none of the above
سؤال
سؤال
Exhibit 20-2
Refer to Exhibit 20-2.The market for good X is initially in equilibrium at $5.The government then places a tax on the producers of good X-in effect,taxing them on each unit of good X they sell.As a result,the supply curve
A) shifts (down and) rightward from S2 to S1.
B) shifts (up and) leftward from S1 to S2.
C) does not shift from S1.
D) There is not enough information to answer the question.
Refer to Exhibit 20-2.The market for good X is initially in equilibrium at $5.The government then places a tax on the producers of good X-in effect,taxing them on each unit of good X they sell.As a result,the supply curve
A) shifts (down and) rightward from S2 to S1.
B) shifts (up and) leftward from S1 to S2.
C) does not shift from S1.
D) There is not enough information to answer the question.
سؤال
سؤال
سؤال
سؤال
Exhibit 20-1
Refer to Exhibit 20-l.The demand curve D? is
A) inelastic.
B) elastic.
C) unit elastic.
D) perfectly elastic.
E) perfectly inelastic.
Refer to Exhibit 20-l.The demand curve D? is
A) inelastic.
B) elastic.
C) unit elastic.
D) perfectly elastic.
E) perfectly inelastic.
سؤال
سؤال
سؤال
Exhibit 20-1
Refer to Exhibit 20-l.The demand curve D? is
A) inelastic.
B) elastic.
C) unit elastic.
D) perfectly elastic.
E) varying in elasticity along its length.
Refer to Exhibit 20-l.The demand curve D? is
A) inelastic.
B) elastic.
C) unit elastic.
D) perfectly elastic.
E) varying in elasticity along its length.
سؤال
سؤال
Exhibit 20-2
Refer to Exhibit 20-2.The market for good X is initially in equilibrium at $5.The government then places a per-unit tax on good X,as shown by the shift of S? to S?.Approximately what percentage of the tax do consumers end up paying?
A) 63 percent
B) 45 percent
C) 70 percent
D) 55 percent
E) 25 percent
Refer to Exhibit 20-2.The market for good X is initially in equilibrium at $5.The government then places a per-unit tax on good X,as shown by the shift of S? to S?.Approximately what percentage of the tax do consumers end up paying?
A) 63 percent
B) 45 percent
C) 70 percent
D) 55 percent
E) 25 percent
سؤال
سؤال
Exhibit 20-2
Refer to Exhibit 20-2.The market for good X is initially in equilibrium at $5.The government then places a per-unit tax on good X as shown by the shift of S? to S?.What is an expression for the tax revenue raised?
A) $2.25 x Q2
B) $1.25 x Q2
C) $1.00 x Q2
D) ($1.00 x Q2) + [$1.25 x (Q1 - Q2)]
E) $2.25 x (Q1 - Q2)
Refer to Exhibit 20-2.The market for good X is initially in equilibrium at $5.The government then places a per-unit tax on good X as shown by the shift of S? to S?.What is an expression for the tax revenue raised?
A) $2.25 x Q2
B) $1.25 x Q2
C) $1.00 x Q2
D) ($1.00 x Q2) + [$1.25 x (Q1 - Q2)]
E) $2.25 x (Q1 - Q2)
سؤال
Exhibit 20-3
Refer to Exhibit 20-3.If price increases from $2.50 to $3.50,total revenue along the demand curve
A) increases to $67.50.
B) increases to $87.50.
C) remains at $87.50.
D) decreases to $67.50.
Refer to Exhibit 20-3.If price increases from $2.50 to $3.50,total revenue along the demand curve
A) increases to $67.50.
B) increases to $87.50.
C) remains at $87.50.
D) decreases to $67.50.
سؤال
سؤال
سؤال
Exhibit 20-2
Refer to Exhibit 20-2.The market for good X is initially in equilibrium at $5.The government then places a per-unit tax on good X,as shown by the shift of S? to S?.What is the per-unit tax equal to?
A) $1.00
B) $2.25
C) $0.25
D) $4.00
E) $1.25
Refer to Exhibit 20-2.The market for good X is initially in equilibrium at $5.The government then places a per-unit tax on good X,as shown by the shift of S? to S?.What is the per-unit tax equal to?
A) $1.00
B) $2.25
C) $0.25
D) $4.00
E) $1.25
سؤال
Exhibit 20-3
Refer to Exhibit 20-3.When price decreases from $4.50 to $3.50,the price elasticity of demand is
A) 0.4375.
B) 0.50.
C) 1.0.
D) 2.00.
E) 2.86.
Refer to Exhibit 20-3.When price decreases from $4.50 to $3.50,the price elasticity of demand is
A) 0.4375.
B) 0.50.
C) 1.0.
D) 2.00.
E) 2.86.
سؤال
سؤال
سؤال
سؤال
Exhibit 20-3
Refer to Exhibit 20-3.If price decreases from $5.50 to $4.50,total revenue along the demand curve
A) increases to $67.50.
B) increases to $87.50.
C) remains at $87.50.
D) decreases to $67.50.
E) decreases to $27.50.
Refer to Exhibit 20-3.If price decreases from $5.50 to $4.50,total revenue along the demand curve
A) increases to $67.50.
B) increases to $87.50.
C) remains at $87.50.
D) decreases to $67.50.
E) decreases to $27.50.
سؤال
سؤال
Exhibit 20-2
Refer to Exhibit 20-2.The market for good X is initially in equilibrium at $5.The government then places a per-unit tax on good X,as shown by the shift of S? to S?.As a result,
A) consumers end up paying $6.25 per unit, and producers end up receiving $5.00 per unit, but keeping only $4.00 per unit.
B) consumers end up paying $6.25 per unit, and producers end up receiving and keeping $4.00 per unit.
C) consumers end up paying $5.00 per unit, and producers end up receiving and keeping $5.00 per unit.
D) consumers end up paying $6.25 per unit, and producers end up receiving $6.25 per unit, but keeping only $4.00 per unit.
E) none of the above
Refer to Exhibit 20-2.The market for good X is initially in equilibrium at $5.The government then places a per-unit tax on good X,as shown by the shift of S? to S?.As a result,
A) consumers end up paying $6.25 per unit, and producers end up receiving $5.00 per unit, but keeping only $4.00 per unit.
B) consumers end up paying $6.25 per unit, and producers end up receiving and keeping $4.00 per unit.
C) consumers end up paying $5.00 per unit, and producers end up receiving and keeping $5.00 per unit.
D) consumers end up paying $6.25 per unit, and producers end up receiving $6.25 per unit, but keeping only $4.00 per unit.
E) none of the above
سؤال
سؤال
Exhibit 20-3
Refer to Exhibit 20-3.When price decreases from $5.50 to $4.50,the price elasticity of demand is
A) 0.2.
B) 0.5.
C) 1.0.
D) 2.0.
E) 5.0.
Refer to Exhibit 20-3.When price decreases from $5.50 to $4.50,the price elasticity of demand is
A) 0.2.
B) 0.5.
C) 1.0.
D) 2.0.
E) 5.0.
سؤال
سؤال
سؤال
سؤال
Exhibit 20-2
Refer to Exhibit 20-2.The market for good X is initially in equilibrium at $5.The government then places a per-unit tax on good X,as shown by the shift of S? to S?.Approximately what percentage of the tax do producers end up paying?
A) 55 percent
B) 45 percent
C) 70 percent
D) 63 percent
E) 25 percent
Refer to Exhibit 20-2.The market for good X is initially in equilibrium at $5.The government then places a per-unit tax on good X,as shown by the shift of S? to S?.Approximately what percentage of the tax do producers end up paying?
A) 55 percent
B) 45 percent
C) 70 percent
D) 63 percent
E) 25 percent
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العب
ملء الشاشة (f)
Deck 20: Elasticity
1
Which of the following would result in higher price elasticity of good X?
A) more substitutes for good X
B) a shorter period of time has passed since the change in the price of good X
C) lower costs of labor in the production of good X
D) good X is more of a necessity than a luxury
A) more substitutes for good X
B) a shorter period of time has passed since the change in the price of good X
C) lower costs of labor in the production of good X
D) good X is more of a necessity than a luxury
A
2
If the percentage change in quantity demanded is less than the percentage change in price,demand is
A) inelastic.
B) unit elastic.
C) elastic.
D) perfectly elastic.
A) inelastic.
B) unit elastic.
C) elastic.
D) perfectly elastic.
A
3
If the price elasticity of demand for a given product is 7,this means that
A) the percentage change in quantity demanded is 7 times the percentage change in price.
B) if quantity demanded fell by 1 percent, price would fall by 7 percent.
C) if price was raised 7 percent, quantity demanded would fall by 7 percent.
D) if price was raised 7 percent, quantity demanded would rise 7 percent.
E) none of the above
A) the percentage change in quantity demanded is 7 times the percentage change in price.
B) if quantity demanded fell by 1 percent, price would fall by 7 percent.
C) if price was raised 7 percent, quantity demanded would fall by 7 percent.
D) if price was raised 7 percent, quantity demanded would rise 7 percent.
E) none of the above
A
4
If the price of good X rises and the demand for good X is elastic,then the percentage __________ in quantity demanded is __________ the percentage rise in price,and total revenue __________.
A) fall; greater than; rises
B) fall; less than; falls
C) fall; equal to; remains constant
D) rise; greater than; falls
E) fall; greater than; falls
A) fall; greater than; rises
B) fall; less than; falls
C) fall; equal to; remains constant
D) rise; greater than; falls
E) fall; greater than; falls
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5
If the percentage change in quantity demanded is greater than the percentage change in price,demand is
A) inelastic.
B) unit elastic.
C) elastic.
D) perfectly inelastic.
A) inelastic.
B) unit elastic.
C) elastic.
D) perfectly inelastic.
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6
If the price of good X falls and the demand for good X is unit elastic,then the percentage rise in quantity demanded is __________ the percentage fall in price,and total revenue __________.
A) greater than; rises
B) less than; falls
C) equal to; remains constant
D) greater than; falls
E) less than; rises
A) greater than; rises
B) less than; falls
C) equal to; remains constant
D) greater than; falls
E) less than; rises
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7
Price elasticity of demand is the ratio of the
A) absolute change in quantity demanded to the absolute change in price.
B) absolute change in price to the absolute change in quantity demanded.
C) percentage change in quantity demanded to the percentage change in price.
D) percentage change in price to the percentage change in quantity demanded.
A) absolute change in quantity demanded to the absolute change in price.
B) absolute change in price to the absolute change in quantity demanded.
C) percentage change in quantity demanded to the percentage change in price.
D) percentage change in price to the percentage change in quantity demanded.
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8
Suppose at a price of $4 and at a price of $6,John purchases 40 units of good X.Given this information,we know that
A) John's entire demand curve for good X is perfectly elastic.
B) John's demand for good X is inelastic.
C) John's demand for good X is perfectly inelastic between the prices of $4 and $6.
D) John's demand for good X is perfectly elastic between the prices of $4 and $6.
E) John's demand for good X is unit elastic.
A) John's entire demand curve for good X is perfectly elastic.
B) John's demand for good X is inelastic.
C) John's demand for good X is perfectly inelastic between the prices of $4 and $6.
D) John's demand for good X is perfectly elastic between the prices of $4 and $6.
E) John's demand for good X is unit elastic.
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9
If quantity demanded is completely unresponsive to changes in price,demand is
A) inelastic.
B) unit elastic.
C) elastic.
D) perfectly elastic.
E) perfectly inelastic.
A) inelastic.
B) unit elastic.
C) elastic.
D) perfectly elastic.
E) perfectly inelastic.
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10
For a certain good,when price rises from $50 to $55,quantity demanded falls from 8,400 to 7,500.The price elasticity of demand here is _____________,making the demand for this good ____________ in the price range between $50 and $55.
A) 1.19; inelastic
B) 1.19; elastic
C) 1.45; elastic
D) 0.84; elastic
E) 0.84; inelastic
A) 1.19; inelastic
B) 1.19; elastic
C) 1.45; elastic
D) 0.84; elastic
E) 0.84; inelastic
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11
The fewer substitutes for a good,
A) the lower its income elasticity of demand.
B) the higher its income elasticity of demand.
C) the lower its price elasticity of demand.
D) the higher its price elasticity of demand.
A) the lower its income elasticity of demand.
B) the higher its income elasticity of demand.
C) the lower its price elasticity of demand.
D) the higher its price elasticity of demand.
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12
Price rises from $10 to $12,and the quantity demanded falls from 200 units to 100 units.What is the price elasticity of demand between these two prices?
A) 0.18
B) 3.67
C) 1.86
D) 0.27
A) 0.18
B) 3.67
C) 1.86
D) 0.27
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13
For a certain good,when the good's price falls from $12 to $10,its quantity demanded rises from 10 to 12 units.The price elasticity of demand here is
A) 2.55.
B) 0.66.
C) 0.39.
D) 0.20.
E) 1.00
A) 2.55.
B) 0.66.
C) 0.39.
D) 0.20.
E) 1.00
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14
Which of the following statements is false?
A) Ham has a higher price elasticity of demand than meat.
B) Peaches have a higher price elasticity of demand than fruit.
C) Soap has a higher price elasticity of demand than Ivory Soap.
D) Carrots have a higher price elasticity of demand than vegetables.
A) Ham has a higher price elasticity of demand than meat.
B) Peaches have a higher price elasticity of demand than fruit.
C) Soap has a higher price elasticity of demand than Ivory Soap.
D) Carrots have a higher price elasticity of demand than vegetables.
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15
The price elasticity of demand would most likely be highest for which of the following goods?
A) food (in general)
B) cars (in general)
C) clothing (in general)
D) Ford cars
E) a, b, or c
A) food (in general)
B) cars (in general)
C) clothing (in general)
D) Ford cars
E) a, b, or c
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16
If quantity demanded rises by 10 percent as price falls by 9 percent,the price elasticity of demand equals
A) 0.90.
B) 1.11.
C) 0.09.
D) 0.19.
A) 0.90.
B) 1.11.
C) 0.09.
D) 0.19.
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17
Price falls from $3 to $2,and the quantity demanded rises from 360 units to 400 units.What is the price elasticity of demand between these two prices?
A) 0.26
B) 10.51
C) 0.68
D) 3.80
E) 2.04
A) 0.26
B) 10.51
C) 0.68
D) 3.80
E) 2.04
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18
Price elasticity of demand is a measure of the responsiveness of quantity demanded to changes in
A) interest rates.
B) price.
C) supply.
D) demand.
A) interest rates.
B) price.
C) supply.
D) demand.
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19
If the price of good X rises and the demand for good X is inelastic,then the percentage fall in quantity demanded is __________ the percentage rise in price,and total revenue __________.
A) greater than; rises
B) less than; falls
C) equal to; remains constant
D) greater than; falls
E) none of the above
A) greater than; rises
B) less than; falls
C) equal to; remains constant
D) greater than; falls
E) none of the above
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20
If the percentage change in quantity demanded is equal to the percentage change in price,demand is
A) inelastic.
B) unit elastic.
C) elastic.
D) perfectly elastic.
E) perfectly inelastic.
A) inelastic.
B) unit elastic.
C) elastic.
D) perfectly elastic.
E) perfectly inelastic.
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21
Which of the following statements is false?
A) If the income elasticity of demand for a good is less than 1, the demand for the good is income inelastic.
B) If the income elasticity of demand for a good is greater than 1, the demand for the good is income elastic.
C) If the income elasticity of demand for a good is equal to 1, the demand for the good is income unit elastic.
D) If the income elasticity of demand for a good is less than zero, the good is a normal good.
E) A good can be both a normal good and income inelastic.
A) If the income elasticity of demand for a good is less than 1, the demand for the good is income inelastic.
B) If the income elasticity of demand for a good is greater than 1, the demand for the good is income elastic.
C) If the income elasticity of demand for a good is equal to 1, the demand for the good is income unit elastic.
D) If the income elasticity of demand for a good is less than zero, the good is a normal good.
E) A good can be both a normal good and income inelastic.
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22
Cross elasticity of demand is the percentage change in the quantity __________ of a good divided by the percentage change in __________.
A) demanded; the price of the good
B) supplied; the price of the good
C) demanded; the price of another good
D) supplied; the price of another good
E) demanded; income
A) demanded; the price of the good
B) supplied; the price of the good
C) demanded; the price of another good
D) supplied; the price of another good
E) demanded; income
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23
If the cross elasticity of demand for good A with respect to good B is +2.7,then good A is
A) an inferior good.
B) a normal good.
C) a substitute for good B.
D) a complement to good B.
A) an inferior good.
B) a normal good.
C) a substitute for good B.
D) a complement to good B.
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24
Vernon spends the following percentages of his budget on the following goods: 23 percent on good A,11 percent on good B,1 percent on good C,and 3 percent on good D.For which good is price elasticity of demand the highest,ceteris paribus?
A) good A
B) good B
C) good C
D) good D
A) good A
B) good B
C) good C
D) good D
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25
If Jack bought 18 CDs last year when his income was $20,000 and he buys 19 CDs this year when his income is $25,000,then for Jack CDs are
A) an inferior good.
B) a normal good.
C) a substitute good.
D) a complementary good.
E) There is not enough information to answer this question.
A) an inferior good.
B) a normal good.
C) a substitute good.
D) a complementary good.
E) There is not enough information to answer this question.
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26
A good will tend to have a low price elasticity of demand if
A) the good has few substitutes.
B) a person spends a high percentage of his or her budget on the good.
C) a person has a long period of time to adjust to price changes.
D) the good is a luxury.
A) the good has few substitutes.
B) a person spends a high percentage of his or her budget on the good.
C) a person has a long period of time to adjust to price changes.
D) the good is a luxury.
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27
If the cross elasticity of demand for two goods is negative,
A) one of the goods is necessarily a normal good, and the other good is necessarily an inferior good.
B) both goods are normal goods.
C) the goods are substitutes.
D) the goods are complements.
A) one of the goods is necessarily a normal good, and the other good is necessarily an inferior good.
B) both goods are normal goods.
C) the goods are substitutes.
D) the goods are complements.
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28
If Cassandra bought 12 blouses last year when her income was $55,000 and she buys 10 blouses this year when her income is $49,000,then her income elasticity of demand is
A) -1.58.
B) +1.58.
C) -0.63.
D) +0.63.
E) -2.33.
A) -1.58.
B) +1.58.
C) -0.63.
D) +0.63.
E) -2.33.
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29
If two goods are substitute goods,
A) an increase in the price of one will cause a decrease in the demand for the other.
B) an increase in the price of one will cause an increase in the demand for the other.
C) the price elasticity of demand for both goods will be greater than 1.
D) the price elasticity of demand for both goods will be less than 1.
A) an increase in the price of one will cause a decrease in the demand for the other.
B) an increase in the price of one will cause an increase in the demand for the other.
C) the price elasticity of demand for both goods will be greater than 1.
D) the price elasticity of demand for both goods will be less than 1.
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30
If Jack bought 21 CDs last year when his income was $30,000 and he buys 23 CDs this year when his income is $35,000,then his income elasticity of demand is ______________ which means that CDs are a(n)______________ good for Jack.
A) +1.69; normal
B) -1.69; inferior
C) +0.59; normal
D) +0.59; inferior
E) -0.44; inferior
A) +1.69; normal
B) -1.69; inferior
C) +0.59; normal
D) +0.59; inferior
E) -0.44; inferior
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31
If price rises and total revenue falls,then
A) cross elasticity of demand is negative.
B) price elasticity of demand is less than 1.
C) income elasticity of demand is positive.
D) b and c
E) none of the above
A) cross elasticity of demand is negative.
B) price elasticity of demand is less than 1.
C) income elasticity of demand is positive.
D) b and c
E) none of the above
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32
If Cassandra bought 16 cotton blouses last year when her income was $40,000 and she buys 14 cotton blouses this year her when income is $35,000,then blouses are
A) an inferior good.
B) a normal good.
C) a substitute good.
D) a complementary good.
E) There is not enough information to answer this question.
A) an inferior good.
B) a normal good.
C) a substitute good.
D) a complementary good.
E) There is not enough information to answer this question.
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33
Cross elasticity of demand measures the responsiveness of changes in the quantity __________ of one good to changes in __________.
A) demanded; the price of the same good
B) demanded; income
C) demanded; the price of another good
D) supplied; the price of the same good
E) none of the above
A) demanded; the price of the same good
B) demanded; income
C) demanded; the price of another good
D) supplied; the price of the same good
E) none of the above
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34
The longer the period of time consumers have to adjust to price changes,the __________ the __________ elasticity of demand.
A) lower, price
B) lower, income
C) higher, price
D) higher, income
A) lower, price
B) lower, income
C) higher, price
D) higher, income
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35
The shorter the period of time consumers have to adjust to price changes,the __________ the __________ elasticity of demand.
A) lower; income
B) lower; price
C) higher; income
D) higher; price
A) lower; income
B) lower; price
C) higher; income
D) higher; price
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36
If the cross elasticity of demand for good A with respect to good B is -0.87,then good A is
A) an inferior good.
B) a normal good.
C) a substitute for good B.
D) a complement to good B.
A) an inferior good.
B) a normal good.
C) a substitute for good B.
D) a complement to good B.
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37
If goods A and B have a cross elasticity of demand that is positive,this is evidence that goods A and B are __________ goods.
A) complementary
B) substitute
C) normal
D) inferior
A) complementary
B) substitute
C) normal
D) inferior
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38
If the price of good A decreases by 10 percent and the quantity demanded of good B increases by 10 percent,this is evidence that goods A and B are
A) substitute for one another.
B) complement goods to one another.
C) both inferior goods.
D) both normal goods.
E) not related.
A) substitute for one another.
B) complement goods to one another.
C) both inferior goods.
D) both normal goods.
E) not related.
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39
Income elasticity of demand for a normal good is always
A) less than zero.
B) greater than zero.
C) equal to zero.
D) less than one.
A) less than zero.
B) greater than zero.
C) equal to zero.
D) less than one.
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40
If the price of good A decreases by 10 percent and the quantity demanded of good B decreases by 10 percent,this is evidence that goods A and B are
A) substitutes for one another.
B) complement goods to one another.
C) both inferior goods.
D) both normal goods.
E) not related.
A) substitutes for one another.
B) complement goods to one another.
C) both inferior goods.
D) both normal goods.
E) not related.
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41
If the percentage change in quantity demanded of a good is equal to the percentage change in income,then the good is said to be
A) income elastic.
B) income inelastic.
C) income unit elastic.
D) price unit elastic.
E) price inelastic.
A) income elastic.
B) income inelastic.
C) income unit elastic.
D) price unit elastic.
E) price inelastic.
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42
An inferior good is
A) any good that consumers think is of low quality.
B) a good for which the quantity demanded increases as its price decreases.
C) a good for which the demand rises as income falls.
D) a good for which the demand rises as income rises.
E) any good that a producer cannot sell a large quantity of, even at a low price.
A) any good that consumers think is of low quality.
B) a good for which the quantity demanded increases as its price decreases.
C) a good for which the demand rises as income falls.
D) a good for which the demand rises as income rises.
E) any good that a producer cannot sell a large quantity of, even at a low price.
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43
A normal good is
A) any good that consumers normally buy.
B) any good for which other goods can substitute.
C) a good for which the demand rises as income falls.
D) a good for which the demand rises as income rises.
E) a good for which the quantity demanded rises as its price falls.
A) any good that consumers normally buy.
B) any good for which other goods can substitute.
C) a good for which the demand rises as income falls.
D) a good for which the demand rises as income rises.
E) a good for which the quantity demanded rises as its price falls.
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44
The quantity supplied of land is constant regardless of price.Suppose a tax is imposed on the rental price of land.Who will pay the greater share of such a tax?
A) The buyers will pay the entire share.
B) The sellers will pay the entire share.
C) The buyers and the sellers will pay equal shares.
D) The buyers will bear the greater share of the tax.
A) The buyers will pay the entire share.
B) The sellers will pay the entire share.
C) The buyers and the sellers will pay equal shares.
D) The buyers will bear the greater share of the tax.
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45
Price elasticity of supply is perfectly inelastic if the coefficient of price elasticity of supply is
A) infinity.
B) 1.
C) 0.
D) -1.
A) infinity.
B) 1.
C) 0.
D) -1.
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46
The longer the period of time allowed for the ___________ of a good to adjust to a change in the price of the good,the ___________ the price elasticity of supply will be. This statement assumes that the quantity supplied __________ be altered with time.
A) producer; higher; can
B) consumer; higher; can
C) producer; lower; can
D) producer; lower; cannot
A) producer; higher; can
B) consumer; higher; can
C) producer; lower; can
D) producer; lower; cannot
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47
The demand curve for good X is generally highly inelastic at and around the current price.If we assume that the supply curve is neither perfectly elastic nor perfectly inelastic,then who will pay the greater share of a tax placed on the production of good X?
A) The buyers will pay the greater share.
B) The sellers will pay the greater share.
C) The buyers and the sellers will pay equal shares.
D) There is not enough information to answer the question.
A) The buyers will pay the greater share.
B) The sellers will pay the greater share.
C) The buyers and the sellers will pay equal shares.
D) There is not enough information to answer the question.
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48
Exhibit 20-1
Refer to Exhibit 20-1.The demand curve D? is
A) inelastic.
B) elastic.
C) unit elastic.
D) perfectly elastic.
E) perfectly inelastic.
Refer to Exhibit 20-1.The demand curve D? is
A) inelastic.
B) elastic.
C) unit elastic.
D) perfectly elastic.
E) perfectly inelastic.
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49
If the percentage change in quantity demanded of a good is less than the percentage change in income,then the good is said to be
A) income elastic.
B) income inelastic.
C) income unit elastic.
D) price elastic.
E) price inelastic.
A) income elastic.
B) income inelastic.
C) income unit elastic.
D) price elastic.
E) price inelastic.
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50
Exhibit 20-2
Refer to Exhibit 20-2.The market for good X is initially in equilibrium at $5.The government then places a per-unit tax on good X,as shown by the shift of S? to S?.As a result,the equilibrium price
A) rises from $5.00 to $6.25.
B) falls from $5.00 to $4.00.
C) remains constant at $5.00.
D) none of the above
Refer to Exhibit 20-2.The market for good X is initially in equilibrium at $5.The government then places a per-unit tax on good X,as shown by the shift of S? to S?.As a result,the equilibrium price
A) rises from $5.00 to $6.25.
B) falls from $5.00 to $4.00.
C) remains constant at $5.00.
D) none of the above
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51
If for good Z income elasticity is less than 1 but greater than zero,then demand for good Z is income __________,and good Z is a(n)__________ good.
A) inelastic; normal
B) inelastic; inferior
C) elastic; normal
D) elastic; an inferior
E) unit elastic; normal
A) inelastic; normal
B) inelastic; inferior
C) elastic; normal
D) elastic; an inferior
E) unit elastic; normal
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52
Exhibit 20-2
Refer to Exhibit 20-2.The market for good X is initially in equilibrium at $5.The government then places a tax on the producers of good X-in effect,taxing them on each unit of good X they sell.As a result,the supply curve
A) shifts (down and) rightward from S2 to S1.
B) shifts (up and) leftward from S1 to S2.
C) does not shift from S1.
D) There is not enough information to answer the question.
Refer to Exhibit 20-2.The market for good X is initially in equilibrium at $5.The government then places a tax on the producers of good X-in effect,taxing them on each unit of good X they sell.As a result,the supply curve
A) shifts (down and) rightward from S2 to S1.
B) shifts (up and) leftward from S1 to S2.
C) does not shift from S1.
D) There is not enough information to answer the question.
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53
Suppose a producer decides that if the price of his or her product is $10,the quantity supplied will be 1,000 units,and if the price is $11,the quantity supplied will be 1,100.The supply of the good is
A) elastic.
B) inelastic.
C) perfectly elastic.
D) unit elastic.
E) perfectly inelastic.
A) elastic.
B) inelastic.
C) perfectly elastic.
D) unit elastic.
E) perfectly inelastic.
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54
Price elasticity of supply is the percentage change in the quantity __________ of a good divided by the percentage change in __________.
A) demanded; the price of the good
B) supplied; the price of the good
C) demanded; the price of another good
D) supplied; the price of another good
E) demanded; income
A) demanded; the price of the good
B) supplied; the price of the good
C) demanded; the price of another good
D) supplied; the price of another good
E) demanded; income
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55
Suppose the demand for a particular good is perfectly inelastic and the government decides to impose a tax on the production of this good.Who will pay the greater share of such a tax?
A) The buyers will pay the entire share.
B) The sellers will pay the entire share.
C) The buyers and the sellers will pay equal shares.
D) The sellers will bear the greater share of the tax.
A) The buyers will pay the entire share.
B) The sellers will pay the entire share.
C) The buyers and the sellers will pay equal shares.
D) The sellers will bear the greater share of the tax.
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56
Exhibit 20-1
Refer to Exhibit 20-l.The demand curve D? is
A) inelastic.
B) elastic.
C) unit elastic.
D) perfectly elastic.
E) perfectly inelastic.
Refer to Exhibit 20-l.The demand curve D? is
A) inelastic.
B) elastic.
C) unit elastic.
D) perfectly elastic.
E) perfectly inelastic.
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57
If for good Z income elasticity is greater than 1,then demand for good Z is income __________,and good Z is a(n)__________ good.
A) inelastic; normal
B) inelastic; inferior
C) elastic; normal
D) elastic; inferior
E) unit elastic; normal
A) inelastic; normal
B) inelastic; inferior
C) elastic; normal
D) elastic; inferior
E) unit elastic; normal
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58
Suppose a producer decides that if the price of her product is $32,the quantity supplied will be 1,000 units,and if the price is $35,the quantity supplied will be 1,300.The price elasticity of supply for the good is approximately
A) +1.91.
B) -2.91.
C) +0.34.
D) -0.34.
E) +2.91.
A) +1.91.
B) -2.91.
C) +0.34.
D) -0.34.
E) +2.91.
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59
Exhibit 20-1
Refer to Exhibit 20-l.The demand curve D? is
A) inelastic.
B) elastic.
C) unit elastic.
D) perfectly elastic.
E) varying in elasticity along its length.
Refer to Exhibit 20-l.The demand curve D? is
A) inelastic.
B) elastic.
C) unit elastic.
D) perfectly elastic.
E) varying in elasticity along its length.
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60
If good Z has an income elasticity of 1.0,then demand for good Z is income __________ and the good is __________.
A) inelastic, normal
B) inelastic, inferior
C) elastic, normal
D) elastic, inferior
E) unit elastic, normal
A) inelastic, normal
B) inelastic, inferior
C) elastic, normal
D) elastic, inferior
E) unit elastic, normal
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61
Exhibit 20-2
Refer to Exhibit 20-2.The market for good X is initially in equilibrium at $5.The government then places a per-unit tax on good X,as shown by the shift of S? to S?.Approximately what percentage of the tax do consumers end up paying?
A) 63 percent
B) 45 percent
C) 70 percent
D) 55 percent
E) 25 percent
Refer to Exhibit 20-2.The market for good X is initially in equilibrium at $5.The government then places a per-unit tax on good X,as shown by the shift of S? to S?.Approximately what percentage of the tax do consumers end up paying?
A) 63 percent
B) 45 percent
C) 70 percent
D) 55 percent
E) 25 percent
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62
When the price of cigarettes decreases by 20 percent,the quantity demanded increases by 12 percent.The price elasticity of demand for cigarettes is __________,making cigarettes an ____________ product (in this example).
A) 0.6; elastic
B) 1.7; inelastic
C) 0.6; inelastic
D) 1.7; elastic
E) 2.6; elastic
A) 0.6; elastic
B) 1.7; inelastic
C) 0.6; inelastic
D) 1.7; elastic
E) 2.6; elastic
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63
Exhibit 20-2
Refer to Exhibit 20-2.The market for good X is initially in equilibrium at $5.The government then places a per-unit tax on good X as shown by the shift of S? to S?.What is an expression for the tax revenue raised?
A) $2.25 x Q2
B) $1.25 x Q2
C) $1.00 x Q2
D) ($1.00 x Q2) + [$1.25 x (Q1 - Q2)]
E) $2.25 x (Q1 - Q2)
Refer to Exhibit 20-2.The market for good X is initially in equilibrium at $5.The government then places a per-unit tax on good X as shown by the shift of S? to S?.What is an expression for the tax revenue raised?
A) $2.25 x Q2
B) $1.25 x Q2
C) $1.00 x Q2
D) ($1.00 x Q2) + [$1.25 x (Q1 - Q2)]
E) $2.25 x (Q1 - Q2)
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64
Exhibit 20-3
Refer to Exhibit 20-3.If price increases from $2.50 to $3.50,total revenue along the demand curve
A) increases to $67.50.
B) increases to $87.50.
C) remains at $87.50.
D) decreases to $67.50.
Refer to Exhibit 20-3.If price increases from $2.50 to $3.50,total revenue along the demand curve
A) increases to $67.50.
B) increases to $87.50.
C) remains at $87.50.
D) decreases to $67.50.
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65
The price elasticity of demand is the percentage change in
A) price divided by the percentage change in quantity demanded.
B) price divided by the percentage change in demand.
C) quantity demanded divided by the percentage change in price.
D) demand divided by the percentage change in price.
E) c and d
A) price divided by the percentage change in quantity demanded.
B) price divided by the percentage change in demand.
C) quantity demanded divided by the percentage change in price.
D) demand divided by the percentage change in price.
E) c and d
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66
The price elasticity of demand is
A) always positive.
B) usually negative, but could be zero.
C) sometimes zero and sometimes positive.
D) always one.
A) always positive.
B) usually negative, but could be zero.
C) sometimes zero and sometimes positive.
D) always one.
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67
Exhibit 20-2
Refer to Exhibit 20-2.The market for good X is initially in equilibrium at $5.The government then places a per-unit tax on good X,as shown by the shift of S? to S?.What is the per-unit tax equal to?
A) $1.00
B) $2.25
C) $0.25
D) $4.00
E) $1.25
Refer to Exhibit 20-2.The market for good X is initially in equilibrium at $5.The government then places a per-unit tax on good X,as shown by the shift of S? to S?.What is the per-unit tax equal to?
A) $1.00
B) $2.25
C) $0.25
D) $4.00
E) $1.25
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68
Exhibit 20-3
Refer to Exhibit 20-3.When price decreases from $4.50 to $3.50,the price elasticity of demand is
A) 0.4375.
B) 0.50.
C) 1.0.
D) 2.00.
E) 2.86.
Refer to Exhibit 20-3.When price decreases from $4.50 to $3.50,the price elasticity of demand is
A) 0.4375.
B) 0.50.
C) 1.0.
D) 2.00.
E) 2.86.
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69
If the demand for a good is inelastic and the price of the good decreases,then
A) total revenue increases.
B) total revenue decreases.
C) total revenue is not affected.
D) the direction of the change in total revenue cannot be determined from the information given.
A) total revenue increases.
B) total revenue decreases.
C) total revenue is not affected.
D) the direction of the change in total revenue cannot be determined from the information given.
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70
A per-unit tax is placed on the production of good Y.Someone who believes that the producers of the good will end up paying the full tax may be assuming that the good's demand curve is
A) elastic.
B) perfectly inelastic.
C) inelastic.
D) perfectly elastic.
E) unit elastic.
A) elastic.
B) perfectly inelastic.
C) inelastic.
D) perfectly elastic.
E) unit elastic.
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71
When the price of diamond rings rises by 30 percent,the quantity demanded falls by 10 percent.The price elasticity of demand for diamond rings is ____________,making diamond rings an _______________ good (in this example).
A) 0.33; inelastic
B) 3.0; elastic
C) 1.0; unit elastic
D) 0.33; elastic
A) 0.33; inelastic
B) 3.0; elastic
C) 1.0; unit elastic
D) 0.33; elastic
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72
Exhibit 20-3
Refer to Exhibit 20-3.If price decreases from $5.50 to $4.50,total revenue along the demand curve
A) increases to $67.50.
B) increases to $87.50.
C) remains at $87.50.
D) decreases to $67.50.
E) decreases to $27.50.
Refer to Exhibit 20-3.If price decreases from $5.50 to $4.50,total revenue along the demand curve
A) increases to $67.50.
B) increases to $87.50.
C) remains at $87.50.
D) decreases to $67.50.
E) decreases to $27.50.
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73
If the demand for a good is unit elastic,then
A) the percentage change in quantity demanded is greater than the percentage change in price.
B) the percentage change in quantity demanded is less than the percentage change in price.
C) the percentage change in quantity demanded is equal to the percentage change in price.
D) quantity demanded is extremely responsive to changes in price.
E) quantity demanded is not responsive to changes in price.
A) the percentage change in quantity demanded is greater than the percentage change in price.
B) the percentage change in quantity demanded is less than the percentage change in price.
C) the percentage change in quantity demanded is equal to the percentage change in price.
D) quantity demanded is extremely responsive to changes in price.
E) quantity demanded is not responsive to changes in price.
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74
Exhibit 20-2
Refer to Exhibit 20-2.The market for good X is initially in equilibrium at $5.The government then places a per-unit tax on good X,as shown by the shift of S? to S?.As a result,
A) consumers end up paying $6.25 per unit, and producers end up receiving $5.00 per unit, but keeping only $4.00 per unit.
B) consumers end up paying $6.25 per unit, and producers end up receiving and keeping $4.00 per unit.
C) consumers end up paying $5.00 per unit, and producers end up receiving and keeping $5.00 per unit.
D) consumers end up paying $6.25 per unit, and producers end up receiving $6.25 per unit, but keeping only $4.00 per unit.
E) none of the above
Refer to Exhibit 20-2.The market for good X is initially in equilibrium at $5.The government then places a per-unit tax on good X,as shown by the shift of S? to S?.As a result,
A) consumers end up paying $6.25 per unit, and producers end up receiving $5.00 per unit, but keeping only $4.00 per unit.
B) consumers end up paying $6.25 per unit, and producers end up receiving and keeping $4.00 per unit.
C) consumers end up paying $5.00 per unit, and producers end up receiving and keeping $5.00 per unit.
D) consumers end up paying $6.25 per unit, and producers end up receiving $6.25 per unit, but keeping only $4.00 per unit.
E) none of the above
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75
If the demand for a good is unit elastic and the price of the good increases,then
A) total revenue increases.
B) total revenue decreases.
C) total revenue is not affected.
D) the direction of the change in total revenue cannot be determined from the information given.
A) total revenue increases.
B) total revenue decreases.
C) total revenue is not affected.
D) the direction of the change in total revenue cannot be determined from the information given.
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76
Exhibit 20-3
Refer to Exhibit 20-3.When price decreases from $5.50 to $4.50,the price elasticity of demand is
A) 0.2.
B) 0.5.
C) 1.0.
D) 2.0.
E) 5.0.
Refer to Exhibit 20-3.When price decreases from $5.50 to $4.50,the price elasticity of demand is
A) 0.2.
B) 0.5.
C) 1.0.
D) 2.0.
E) 5.0.
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77
Suppose someone believes that if a per-unit tax is placed on the producers of good Y,the consumers of good Y will end up paying the full tax.This person assumes that the demand curve for good Y is
A) elastic.
B) perfectly inelastic.
C) inelastic.
D) perfectly elastic.
E) unit elastic.
A) elastic.
B) perfectly inelastic.
C) inelastic.
D) perfectly elastic.
E) unit elastic.
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78
If the demand for a good is elastic,then
A) the percentage change in quantity demanded is greater than the percentage change in price.
B) the percentage change in quantity demanded is less than the percentage change in price.
C) the percentage change in quantity demanded is equal to the percentage change in price.
D) quantity demanded is not responsive to changes in price.
A) the percentage change in quantity demanded is greater than the percentage change in price.
B) the percentage change in quantity demanded is less than the percentage change in price.
C) the percentage change in quantity demanded is equal to the percentage change in price.
D) quantity demanded is not responsive to changes in price.
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79
If the demand for a good is perfectly inelastic,then
A) the percentage change in quantity demanded is greater than the percentage change in price.
B) the percentage change in quantity demanded is less than the percentage change in price.
C) the percentage change in quantity demanded is equal to the percentage change in price.
D) quantity demanded is extremely responsive to changes in price.
E) quantity demanded is not responsive to changes in price.
A) the percentage change in quantity demanded is greater than the percentage change in price.
B) the percentage change in quantity demanded is less than the percentage change in price.
C) the percentage change in quantity demanded is equal to the percentage change in price.
D) quantity demanded is extremely responsive to changes in price.
E) quantity demanded is not responsive to changes in price.
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80
Exhibit 20-2
Refer to Exhibit 20-2.The market for good X is initially in equilibrium at $5.The government then places a per-unit tax on good X,as shown by the shift of S? to S?.Approximately what percentage of the tax do producers end up paying?
A) 55 percent
B) 45 percent
C) 70 percent
D) 63 percent
E) 25 percent
Refer to Exhibit 20-2.The market for good X is initially in equilibrium at $5.The government then places a per-unit tax on good X,as shown by the shift of S? to S?.Approximately what percentage of the tax do producers end up paying?
A) 55 percent
B) 45 percent
C) 70 percent
D) 63 percent
E) 25 percent
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