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Gr11 Econ PED
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Essential items with a few substitutes are expected to have relatively elastic demand.
 
False
 
True
If cross elasticity is -ve this means that ------------
 
The two products complement each other
 
The two products are substitutes
 
All the answers are incorrect
 
The two products are unrelated
Elasticity is equal infinity when quantity demanded is as price sensitive as possible.
 
True
 
False
If cross elasticity is 0 this means that ---------------
 
The two products in question are unrelated
 
The two products are substitutes
 
The two products complement each other
 
All the answers are incorrect
Perfectly inelastic demand means QD for a product is not affected at all by changes in the product’s price.
 
True
 
False
A good is said to have inelastic demand if __________
 
There are no available substitutes
 
The good is not a necessity
 
the product's cost represents a large portion of consumer's income
 
All the answers are correct
If a product is NOT considered as a necessity, it is said to have inelastic demand.
 
False
 
True
A product’s QD is very sensitive to changes in its price, then this product is said to have a perfect inelastic demand.
 
True
 
False
If a product costs around 3% of consumers’ income, then this product has elastic demand.
 
False
 
True
If incomes rise by 14% and demand for product X decreases by 28%, calculate YED.
 
2
 
5.07
 
1.62
 
3.14
A good is said to have elastic demand if__________
 
The product's cost represents a large portion of consumer's income
 
All the answers are correct
 
There are no available substitutes
 
The good is a necessity
In the Egyptian economy, which of the following products is considered to have a relatively inelastic demand?
 
Bread
 
Tuna fish
 
Potato chips
 
All the answers are correct
A product is considered ------------- if its price elasticity of demand is equal to infinity.
 
Perfectly elastic
 
Perfectly inelastic
 
Relatively elastic
 
Relatively inelastic
If income elasticity is between 0 and 1, then the product in question is -----------
 
income inelastic
 
income elastic
 
income unit elastic
 
income perfectly elastic
A product is considered ------------- if its price elasticity of demand is less than one.
 
inelastic
 
elastic
 
unit elastic
 
perfectly elastic
Crude oil demand increased from 91 million to 96.5 million barrels, while price hiked from 39.68$ to 66.30$ per barrel.
 
Crude oil has an inelastic demand
 
Crude oil has a unit elastic demand
 
Crude oil has a perfectly elastic demand
 
Crude oil has an elastic demand
The relationship between the % change in price and the elasticity of demand is considered to be_________
 
inversely proportional
 
dependent on the direction of change
 
directly proportional
 
not possible to determine
A Twix chocolate has a high demand elasticity.
 
True
 
False
A good is said to have elastic demand if -------------
 
There are available substitutes
 
The good is a necessity
 
All answers are correct
 
The product's price represents a small portion of consumer's income
If a product costs around 60% of consumers’ income, then this product has elastic demand, Ceteris Paribus.
 
True
 
False
A product is considered unit elastic if its price elasticity of demand is
 
= 1
 
< 1
 
>1
 
= 0
A good is said to have elastic demand if ____________
 
All the answers are correct
 
The product's cost represents a large portion of consumers' income
 
The good is not a necessity
 
There are available substitutes
A good is said to have inelastic demand if_________
 
the good is a necessity
 
the product's cost represents a large portion of consumers' income
 
There are available substitutes
 
All the answers are correct
Demand for insulin fell from 526 million shots to 516, while price hiked from 0.25$ to0.62$ per pen. Calc approx. PED.
 
-0.01
 
-0.66
 
-1.08
 
-1.75
A product is considered ------------- if its price elasticity of demand is greater than one.
 
Elastic
 
Inelastic
 
Perfectly inelastic
 
Unit Elastic
------------- is the degree to which changes in a good’s price affect the quantity demanded.
 
Elasticity of demand
 
Elastic Supply
 
Elasticity of Supply
 
Elastic Demand
A good is said to have elastic demand if_________
 
the good is not a necessity
 
There are no available substitutes
 
The product's cost represents a small portion of consumer's income
 
All answers are incorrect
Calculate the % change in price of product J, where in 2020 price was 101 EGP while in 2021 price reached 65 EGP.
 
Decrease by 53.85%
 
Decrease of 48.65%
 
Decrease of 61.82%
 
Decrease of 24.4%
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