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Economics 1st Edition Karlan Test Bank 1
Economics 1st Edition Karlan Test Bank 1
Chapter 04
Elasticity
1. Elasticity measures:
2. If supply and demand analysis is a measure of how, then elasticity is a measure of:
A. how much.
B. when.
C. why.
D. how quickly.
4-1
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3. The concept of elasticity can be applied to:
A. the size of the percentage change in the quantity demanded of a good or service when its
price changes by one percent.
B. the size of the shift in demand of a good or service when its price changes by one percent.
C. the size of the percentage change in the quantity supplied of a good or service when its
demand changes due to a price change.
D. None of these is true.
4-2
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
8. The percentage change in the quantity demanded of a good or service when its price changes by
one percent is:
9. When consumers' buying decisions are highly influenced by price, we say that their demand
curve is:
A. highly elastic.
B. less elastic.
C. not very sensitive to changes in the price.
D. unit elastic.
10. When a small percentage change in price causes a large percentage change in the quantity
demanded, we say that they have a:
A. a small percentage change in price will cause a large change in quantity demanded.
B. a small percentage change in price will cause virtually no change in quantity demanded.
C. a large percentage change in price will cause a small change in quantity demanded.
D. any percentage change in price will cause an almost immediate response in quantity
demanded.
12. When consumers' buying decisions are less sensitive to changes in price, we say that their
demand curve is:
A. highly elastic.
B. less elastic.
C. very sensitive to changes in the price.
D. unit elastic.
4-3
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
13. When a large percentage change in price causes a small percentage change in the quantity
demanded, we say that they have a:
A. then a small percentage change in price will cause a large change in quantity demanded.
B. then any percentage change in price will take a long time to cause a response in quantity
demanded.
C. then a large percentage change in price will cause a small change in quantity demanded.
D. then any percentage change in price will cause an almost immediate response in quantity
demanded.
A. the percentage change in the quantity of a good that is demanded in response to a given
percentage change in price.
B. the percentage change in the price of a good that is demanded in response to a given
percentage change in quantity.
C. the percentage change in the quantity of a good that is supplied in response to a given
percentage change in price.
D. the percentage change in the price of a good that is supplied in response to a given
percentage change in quantity.
4-4
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
17. Economists use the percentage change in quantity rather than the absolute change in quantity
because:
A. it allows us to have a consistent way to estimate the elasticity of demand between two points,
regardless of the direction of the movement.
B. it is easier to calculate.
C. it is universally understood by all economists.
D. the negative sign can then be ignored.
A. measures the percentage change relative to a point midway between the two points.
B. measures the absolute change relative to a point midway between the two points.
C. measures the percentage change relative to a point midway between demand and supply.
D. None of these is true.
20. Suppose when the price of calculators is $10, the quantity demanded is 100, and when the price
is $12, the quantity demanded drops to 80. Using the mid-point method, the price elasticity of
demand is:
A. 1.5.
B. 0.81.
C. 150 percent.
D. 81 percent.
21. Suppose when the price of movie tickets is $5, the quantity demanded is 500, and when the price
is $7, the quantity demanded is 300. Using the mid-point method, the price elasticity of demand
is:
A. 1.51.
B. 0.66.
C. 151 percent.
D. 66 percent.
4-5
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
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ELEGIA DÉCIMOCUARTA.
ARGUMENTO.
NOTAS AL PIE:
[9] Abruzo.
ELEGIA DÉCIMASÉPTIMA.
ARGUMENTO.
NOTAS AL PIE:
Sueño.
Era de noche, y el sueño habia cerrado mis fatigados ojos, cuando una
vision vino á traer el terror á mi alma.
Sobre la vertiente de una colina expuesta al Mediodía, habia un
bosque sagrado lleno de robles, cuyas frondosas ramas servian de abrigo
á millares de aves. Más abajo se extendia un llano, revestido del más
verde césped, y regado por un arroyo que allí arrastraba sus aguas con
dulce susurro.
A la sombra de un frondoso roble traté de huir del calor; pero este se
hacia sentir á la misma sombra de los frondosos árboles. Hé aquí que,
paciendo en el césped sembrado de mil diversas flores, se ofreció á mis
miradas una blanca vaquilla, una vaquilla más blanca que la nieve caida
de reciente y que no ha tenido tiempo de transformarse en agua límpida;
más blanca que la tremente espuma de la leche de la oveja que se acaba
de ordeñar.
Junto á ella estaba un toro, su dichoso esposo. Se acostó á su lado,
sobre el espeso tapíz de verdura. Así muellemente tendido, rumia
lentamente la tierna yerba, y se alimenta segunda vez de su primer
alimento; luego el sueño le quitó sus fuerzas, y creí verle dejar caer en
tierra su cabeza armada de cuernos, no pudiendo sostenerla.
Al mismo tiempo ví una corneja, hendiendo rápidamente los aires,
descender graznando, sobre el verde césped. Tres veces hundió el pico
audaz en el pecho de la vaquilla, tres veces arrancó como copos de nieve.
Despues de una larga resistencia, abandonó aquella el sitio y el toro; pero
su blanco pecho dejaba vislumbrar una mancha negra. Desde que ella vió
otros toros que pascían á lo lejos sabrosos pastos (porque efectivamente
otros toros á lo lejos pascían) corrió á mezclarse entre ellos y tomar su
parte de las riquezas de un suelo más fértil.
«Oh tú, intérprete de los sueños de la noche, exclamé, si el mio
encierra alguna verdad, dime lo que significa.» Entonces el intérprete de
los sueños de la noche, reflexionando sobre todos los detalles de mi
sueño, me dió esta respuesta:
«El calor de que procuras guardarte á la sombra del follaje, y que no
alcanzas evitar, es el fuego del amor. La vaquilla, es tu señora: tu señora
es blanca como ella, tú eres el toro que seguia su compañía. La corneja,
cuyo agudo pico se hundía en el pecho de la vaquilla, es aquel viejo
pervertidor que corrompió el corazon de tu amante. La tenaz resistencia
de la vaquilla que abandona en seguida á su toro, es el alejamiento de tu
señora, quien no calentará de nuevo tu solitaria cama. Las manchas
negras que afean el pecho del animal es el signo del adulterio que
deshonra el corazon de tu bella.»
A estas palabras del intérprete, mi sangre huia de mi helado rostro, y
ante mis ojos se extendia una profunda noche.
ELEGIA SEXTA.
ARGUMENTO.