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Score
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15
×
A good is said to have elastic demand if ____________
There are available substitutes
The product's cost represents a large portion of consumers' income
All the answers are correct
The good is not a necessity
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15
×
Calculate the % change in price of product J, where in 2020 price was 101 EGP while in 2021 price reached 65 EGP.
Decrease of 61.82%
Decrease of 48.65%
Decrease by 53.85%
Decrease of 24.4%
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15
×
Demand for insulin fell from 526 million shots to 516, while price hiked from 0.25$ to0.62$ per pen. Calc approx. PED.
-0.66
-0.01
-1.08
-1.75
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15
×
If a product is NOT considered as a necessity, it is said to have inelastic demand.
False
True
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15
×
Elasticity is equal infinity when quantity demanded is as price sensitive as possible.
True
False
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×
baam
Lose 20 points!
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×
gift
Win 10 points!
Okay!
×
shark
Other team loses 10 points!
Okay!
×
thief
Give points!
5
10
15
20
25
15
×
If a product costs around 3% of consumersâ income, then this product has elastic demand.
True
False
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thief
Give points!
5
10
15
20
25
×
rocket
Go to first place!
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×
fairy
Take points!
5
10
15
20
25
×
baam
Lose 25 points!
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15
×
If incomes rise by 14% and demand for product X decreases by 28%, calculate YED.
3.14
5.07
2
1.62
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15
×
A product is considered ------------- if its price elasticity of demand is less than one.
perfectly elastic
unit elastic
inelastic
elastic
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15
×
The relationship between the % change in price and the elasticity of demand is considered to be_________
dependent on the direction of change
inversely proportional
not possible to determine
directly proportional
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15
×
A product is considered ------------- if its price elasticity of demand is equal to infinity.
Relatively inelastic
Perfectly inelastic
Relatively elastic
Perfectly elastic
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×
banana
Go to last place!
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seesaw
Swap points!
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rocket
Go to first place!
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×
baam
Lose 10 points!
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15
×
If cross elasticity is -ve this means that ------------
The two products are substitutes
All the answers are incorrect
The two products are unrelated
The two products complement each other
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15
×
A product is considered unit elastic if its price elasticity of demand is
>1
= 0
= 1
< 1
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15
×
A Twix chocolate has a high demand elasticity.
True
False
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×
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