超星 - Chapter 5 Online Quizzes

单选题

Lastyear,Joanbought50poundsofhamburgerwhenherhousehold’sincomewas$40,000.Thisyear,herhouseholdincomewasonly$30,000andJoanbought60poundsofhamburger.Allelseconstant,Joan'sincomeelasticityofdemandforhamburgeris

A. positive, so Joan considers hamburger to be an inferior good.
B. positive, so Joan considers hamburger to be a normal good and a necessity.
C. negative, so Joan considers hamburger to be an inferior good.
D. negative, so Joan considers hamburger to be a normal good but not a necessity.

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单选题

Lastmonth,sellersofgoodYtookin$100intotalrevenueonsalesof50unitsofgoodY.ThismonthsellersofgoodYraisedtheirpriceandtookin$120intotalrevenueonsalesof40unitsofgoodY.Atthesametime,thepriceofgoodXstayedthesame,butsalesofgoodXincreasedfrom20unitsto40units.WecanconcludethatgoodsXandYare

A. substitutes, and have a cross-price elasticity of 0.60.
B. complements, and have a cross-price elasticity of 0.60.
C. substitutes, and have a cross-price elasticity of 1.67.
D. complements, and have a cross-price elasticity of 1.67.

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单选题

Akeydeterminantofthepriceelasticityofsupplyisthe

A. time horizon.
B. income of consumers.
C. price elasticity of demand.
D. importance of the good in a consumer’s budget.

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单选题

Generally,afirmismorewillingandabletoincreasequantitysuppliedinresponsetoapricechangewhen

A. the relevant time period is short rather than long.
B. the relevant time period is long rather than short.
C. supply is inelastic.
D. the firm is experiencing capacity problems.

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单选题

Inwhichofthefollowingsituationswilltotalrevenueincrease?

A. Price elasticity of demand is 1.2, and the price of the good decreases.
B. Price elasticity of demand is 0.5, and the price of the good increases.
C. Price elasticity of demand is 3.0, and the price of the good decreases.
D. All of the above are correct.

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单选题

Incomeelasticityofdemandmeasureshow

A. the quantity demanded changes as consumer income changes.
B. consumer purchasing power is affected by a change in the price of a good.
C. the price of a good is affected when there is a change in consumer income.
D. many units of a good a consumer can buy given a certain income level.

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单选题

Milkhasaninelasticdemand,andbeefhasanelasticdemand.Supposethatamysteriousincreaseinbovineinfertilitydecreasesboththepopulationofdairycowsandthepopulationofbeefcattleby50percent.Totalconsumerspendingonmilkwill

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

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单选题

Necessitiessuchasfoodandclothingtendtohave

A. high price elasticities of demand and high income elasticities of demand.
B. high price elasticities of demand and low income elasticities of demand.
C. low price elasticities of demand and high income elasticities of demand.
D. low price elasticities of demand and low income elasticities of demand.

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单选题

Todeterminewhetheragoodisconsiderednormalorinferior,onecouldexaminethevalueofthe

A. income elasticity of demand for that good.
B. price elasticity of demand for that good.
C. price elasticity of supply for that good.
D. cross-price elasticity of demand for that good.

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单选题

Charlespurchases20basketballticketsperyearwhenhisannualincomeis$50,000and25basketballticketswhenhisannualincomeis$60,000.Charles’sincomeelasticityofdemandforbasketballticketis

A. 0.82, and basketball tickets are a normal good.
B. 0.82, and basketball tickets are an inferior good.
C. 1.22, and basketball tickets are a normal good.
D. 1.22, and basketball tickets are an inferior good.

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