超星 - Chapter 5 Online Quizzes

单选题

Thecross-priceelasticityofdemandcantelluswhethergoodsare

A. normal or inferior.
B. elastic or inelastic.
C. luxuries or necessities.
D. complements or substitutes.

单选题

Supposethepriceelasticityofsupplyforcandlesis0.3intheshortrunand1.2inthelongrun.Ifanincreaseinthedemandforcandlescausesthepriceofcandlestoincreaseby36%,thenthequantitysuppliedofcandleswillincreasebyabout

A. 0.8% in the short run and 3.3% in the long run.
B. 1.2% in the short run and 0.3% in the long run.
C. 10.8% in the short run and 43.2% in the long run.
D. 120% in the short run and 30% in the long run.

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单选题

Amanufacturerproduces400unitswhenthemarketpriceof$10perunitandproduces600unitswhenthemarketpriceis$12perunit.Usingthemidpointmethod,forthisrangeofprices,thepriceelasticityofsupplyisabout

A. 0.45
B. 2
C. 2.2
D. 220

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单选题

Thesupplyofagedcheddarcheeseisinelastic,andthesupplyofbreadiselastic.Bothgoodsareconsideredtobenormalgoodsbyamajorityofconsumers.Supposethatalargeincometaxincreasedecreasesthedemandforbothgoodsby10%.Totalconsumerspendingonagedcheddarcheesewill

A. increase, and total consumer spending on bread will increase.
B. increase, and total consumer spending on bread will decrease.
C. decrease, and total consumer spending on bread will increase.
D. decrease, and total consumer spending on bread will decrease.

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单选题

Ifachangeinthepriceofagoodresultsinnochangeintotalrevenue,then

A. the demand for the good must be elastic.
B. the demand for the good must be inelastic.
C. the demand for the good must be unit elastic.
D. buyers must not respond very much to a change in price.

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单选题

Youhavejustbeenhiredasabusinessconsultanttodeterminewhatpricingpolicywouldbeappropriateinordertoincreasethetotalrevenueofabakery.Thefirststepyouwouldtakewouldbeto

A. increase the price of every loaf of bread in the store.
B. look for ways to cut costs and increase profit for the bakery.
C. determine the price elasticity of demand for the bakery's products.
D. determine the price elasticity of supply for the bakery’s products.

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单选题

Whichofthefollowingshouldbeheldconstantwhencalculatinganincomeelasticityofdemand?

A. the quantity of the good demanded
B. the price of the good
C. income
D. All of the above should be held constant.

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单选题

Iftwogoodsarecomplements,theircross-priceelasticitywillbe

A. positive.
B. negative.
C. zero.
D. equal to the difference between the income elasticities of demand for the two goods.

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单选题

Thepriceelasticityofsupplymeasureshowmuch

A. the quantity supplied responds to changes in input prices.
B. the quantity supplied responds to changes in the price of the good.
C. the price of the good responds to changes in supply.
D. sellers respond to changes in technology.

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单选题

Becausethedemandforwheattendstobeinelastic,thedevelopmentofanew,moreproductivehybridwheatwouldtendto

A. increase the total revenue of wheat farmers.
B. decrease the total revenue of wheat farmers.
C. decrease the demand for wheat.
D. decrease the supply of wheat.

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