Eco 365 Week 1 Knowledge Checker

767 words - 4 pages

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
ANSWER: D

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 ...view middle of the document...

They were unable to recall 183 sheets that had already been sold. The effect of this recall was to
* A.
drastically reduce the demand for the stamps, causing their equilibrium price to fall
* B.
have no effect on either supply or demand for the Bill Pickett stamps because there is no market for them
* C.
drastically reduce the supply of the Bill Pickett stamps, causing their equilibrium price to rise
* D.
increase the supply of the Bill Pickett stamps, causing their equilibrium price to fall.
ANSWER: C

6.
Given that diesel cars get much better gas mileage than the typical car, an increase in the price of gasoline would be expected to
* A.
increase the demand for diesel cars.
* B.
decrease the demand for gasoline.
* C.
decrease the demand for diesel cars.
* D.
increase the demand for gasoline.
ANSWER: A

7.
                              Mike                   Janet
  Price                 Quantity             Quantity
Per peck             in pecks              in pecks
   $1                        22                       6
   $2                        18                       3
   $3                        14                       0
   $4                        10                       0
   $5                          6                       0
 
Refer to the table that presents Mike and Janet's demand for apples by the peck. If they are the only two in the market, which of the following represents the point on the market demand curve?
* A.
Price = $1, quantity = 18
* B.
...

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