1/29/2021 Q1 PERFORMANCE TASK 3: Attempt review

Home / My courses / BAED-ECON2122-2022S / Week 5: Elasticities of Demand and Supply / Q1 PERFORMANCE TASK 3

Started on Friday, 29 January 2021, 10:43 PM

State Finished
Completed on Friday, 29 January 2021, 10:45 PM
Time taken 2 mins 6 secs
Grade 10.00 out of 10.00 (100%)

Question 1
Correct

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It is the measure of how much buyers and sellers respond to changes in market conditions.

Answer: Elasticity 

Question 2
Correct

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If you slow down buying because of  a price increase, your demand is 

Select one:
a. Inelastic

b. Normal

c. Strong

d. Elastic  

Question 3
Correct

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If you spend a very small proportion of your income on a product, then

Select one:
a. You will stop buying it if the prices rises even a little.

b. The demand for that product will tend to be price inelastic. 

c. You will wait for a sale before you buy the item.

d. The demand for that product will tend to be price elastic.

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Question 4
Correct

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When the percentage change in the price exceeds the percentage change in quantity demanded, then demand is

Select one:
a. Unitary elastic.

b.  Irrelevant
Irrelevant.
 
Irrelevant.

c. 
Inelastic.

d. Elastic.

Question 5
Correct

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Which of the following is an example of a good with inelastic demand? 

Select one:
a. Life-Saving Medicine 

b. Fresh Lobster

c. HD Flat Panel TV Sets

d. Laptop Computers

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Question 6
Correct

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If a good has a lot of substitutes, then its demand will tend to be

Select one:
a. Inelastic

b. Elastic 

c. None of this

d. Unitary

Question 7
Correct

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Mercedes makes a luxury car called the Maybach which sells for approximately $490,000. base price. One would expect the demand for this
product to be...

Select one:
a. None of this

b. Inelastic

c. Unitary

d. Elastic 

Question 8
Correct

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If billionaire Bill Gates decides he has to have a Maybach, for him it has demand that 

Select one:
a. Inelastic 

b. Elastic

c. None of This

d. Unitary

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Question 9
Correct

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Total revenue is defined as 

Select one:
a. The total amount of money a company takes in for selling its goods 

b. The amount of money affected by price elasticity.

c. The amount of profit a company makes after paying taxes.

The amount of profit a company makes after paying taxes.
The amount of profit a company makes after paying taxes.
The amount of profit a company makes after paying taxes.

 
The amount of profit a company makes after paying taxes.
 
The amount of profit a company makes after paying taxes.

The amount of profit a company makes after paying taxes.

d. The amount of profit a company makes.

Question 10
Correct

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A graph that shows a product with elastic demand will tend to be...

Select one:
a. More straight up and down.

b. Finding equilibrium faster.

c. Backward bending.

d. Flatter 
Flatter.

◄ Elasticities of Demand and Supply Video

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VIRTUAL CLASS - WEEK 5 TOPICS - JAN. 7, 2020 3PM ►

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