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File: Chapter 06 Describing Supply and Demand—Elasticities
True/False
[QUESTION]
1. Price elasticity of demand is the percentage change in price divided by the percentage change
in quantity demanded.
Ans: False
AACSB: Reflective Thinking
Bloom’s: Remember
Difficulty: 01 Easy
Learning Objective: 06-01
Topic: Price Elasticity
Feedback: Price elasticity of demand is the percentage change in quantity demanded divided by
the percentage change in price.
[QUESTION]
2. If the price of a good goes up by 20 percent and the quantity demanded falls by 40 percent,
the price elasticity of demand is 2.
Ans: True
Bloom’s: Understand
Difficulty: 02 Medium
Feedback: Elasticity of demand = % change in quantity/% change in price = 40/20 = 2. We
conventionally give elasticity of demand as a positive number, which is why we used the
absolute values of the numerator and denominator in the above equation (we have taken 40
percent instead of –40 percent).
[QUESTION]
3. If the price of corn goes up by $1 a bushel and the quantity supplied rises by 100 bushels, the
price elasticity of supply has to be 100.
Ans: False
Feedback: Elasticity is the percentage change in quantity divided by the percentage change in
price. You cannot calculate elasticity with the information given in the question because it is not
given in percentage changes. We need to know the prices and quantities at which the above
changes occur to calculate percentages.
[QUESTION]
© 2017 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any
manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
4. Refer to the following graph.
Since the supply curve intersects the horizontal axis, all the points along the supply curve shown
are inelastic.
Ans: True
Feedback: All points along a supply curve that intersects the quantity axis have elasticities less
than 1.
[QUESTION]
5. When demand is perfectly inelastic, there is no change in quantity demanded after a change in
price.
Ans: True
Bloom’s: Remember
Difficulty: 01 Easy
Feedback: Quantity demanded is not responsive to a price change when demand is perfectly
inelastic.
[QUESTION]
6. Most likely, the elasticity of demand for transportation is greater than the elasticity of demand
for cars.
Ans: False
Topic: Substitution and Elasticity
Feedback: Transportation in general has fewer substitutes than does transportation by cars and
thus has a lower elasticity.
[QUESTION]
7. Revenue remains unchanged along a straight-line demand curve.
Ans: False
Topic: Elasticity, Total Revenue, and Demand
Feedback: Revenue is greatest at the midpoint of a straight-line demand curve (where elasticity
of demand equals 1) and falls on either side.
[QUESTION]
If price is currently at B and rises, total revenue will rise.

Ans: False
Topic: Elasticity, Total Revenue, and Demand
Feedback: At prices higher than B, elasticity is greater than 1. Price elasticity of demand is the
percentage change in quantity demanded divided by the percentage change in price. Therefore, a
rise in price at a point above B will lead to a more than proportional fall in quantity demanded,
and therefore total revenue will fall.
[QUESTION]
9. The cross-price elasticity of demand is the percentage change in price divided by the
percentage change in the price of another good.
Ans: False
Bloom’s: Remember
Difficulty: 01 Easy
Topic: Income and Cross-Price Elasticity
Feedback: The cross-price elasticity of demand is the percentage change in quantity divided by
the percentage change in the price of another good.
[QUESTION]
10. If demand is highly inelastic and supply shifts to the right, the equilibrium price will rise
significantly while quantity will increase only slightly.
Ans: False
Topic: The Power of Supply/Demand Analysis
Feedback: A highly inelastic demand curve and a supply curve that shifts to the right will result
in a significant decline in price while quantity increases only slightly.
[QUESTION]
11. When the demand curve is highly inelastic, there is a strong incentive for suppliers to find a
way to collectively reduce the quantity sold in the market and raise the price of the product.
Ans: True
Topic: The Power of Supply/Demand Analysis
Feedback: A highly inelastic demand curve means that if suppliers can collectively limit
quantity supplied, total revenue going to suppliers will rise.
Multiple Choice
[QUESTION]
12. Price elasticity of demand is the:
A. change in the quantity demanded of a good divided by the change in the price of that good.
B. change in the price of a good divided by the change in the quantity demanded of that good.
C. percentage change in price of that good divided by the percentage change in the quantity
demanded of that good.
D. percentage change in quantity demanded of a good divided by the percentage change in the
price of that good.
Ans: D
Bloom’s: Remember
Difficulty: 01 Easy
Feedback: See the definition of price elasticity of demand.
[QUESTION]
13. The price elasticity of supply is the:
A. change in the quantity supplied divided by the change in price.
B. percentage change in the quantity supplied divided by the percentage change in price.
C. change in the price divided by the change in the quantity supplied.
D. percentage change in the price divided by the percentage change in the quantity supplied.
Ans: B
Bloom’s: Remember
Difficulty: 01 Easy
Feedback: See the definition of price elasticity of supply.
[QUESTION]
14. In general, the greater the elasticity, the:
A. smaller the responsiveness of price to changes in quantity.
B. smaller the responsiveness of quantity to changes in price.
C. larger the responsiveness of price to changes in quantity.
D. larger the responsiveness of quantity to changes in price.
Ans: D
Bloom’s: Remember
Difficulty: 01 Easy
Feedback: When either demand or supply is highly elastic, the quantity is very responsive to a
change in price.
[QUESTION]
15. Demand is said to be elastic when the:
A. percentage change in quantity demanded is less than the percentage change in price.
B. percentage change in quantity demanded is greater than the percentage change in price.
C. change in quantity demanded is less than the change in price.
D. change in quantity demanded is greater than the change in price.
Ans: B
Bloom’s: Remember
Difficulty: 01 Easy
Feedback: Demand is elastic if the price elasticity of demand is greater than 1. This occurs if the
percentage change in quantity demanded exceeds the percentage change in price. We cannot say
whether demand is elastic based on information about the change in quantity demanded relative
to the change in price because elasticity is a percentage measurement.
[QUESTION]
16. Supply is said to be inelastic when the:
A. percentage change in quantity supplied is less than the percentage change in price.
B. percentage change in quantity supplied is greater than the percentage change in price.
C. change in quantity supplied is less than the change in price.
D. change in quantity supplied is greater than the change in price.
Ans: A
Bloom’s: Remember
Difficulty: 01 Easy
Feedback: Supply is inelastic if the price elasticity of supply is less than 1. This occurs if the
percentage change in price exceeds the percentage change in quantity supplied. We cannot say
whether supply is inelastic based on information about the change in quantity supplied relative to
the change in price because elasticity is a percentage measurement.
[QUESTION]
17. If quantity demanded falls by 25 percent when price rises by 50 percent, demand is said to
be:
A. elastic.
B. inelastic.
C. proportional.
D. unit elastic.
Ans: B
Feedback: Here, the percentage change in quantity demanded is less than the percentage change
in price, so demand is inelastic (Ed < 1).
[QUESTION]
18. If the amount of land supplied remains the same even when the price of land increases, the:
A. supply of land must be perfectly elastic.
B. supply of land must be perfectly inelastic.
C. demand for land must be perfectly elastic.
D. demand for land must be perfectly inelastic.
Ans: B
Feedback: The supply is perfectly inelastic when quantity supplied remains unchanged after a
change in price.
[QUESTION]
19. The short-run elasticity of demand for gasoline sold at gasoline stations is 0.20. If terrorism
causes the supply of gasoline to fall, resulting in a 5 percent drop in quantity, if other things
remain the same, the price per gallon will increase by:
A. 4 percent.
B. 5 percent.
C. 20 percent.
D. 25 percent.
Ans: D
AACSB: Analytic
Bloom’s: Apply
Difficulty: 03 Hard
Feedback: Price elasticity of demand = % change in quantity/% change in price, implying that
0.2 = 5%/x. Solving for the percentage change in price, or x, yields the prediction of a 25
percent change in price.
[QUESTION]
20. If average movie ticket prices rise by about 5 percent and attendance falls by about 2
percent, other things being equal, the elasticity of demand for movie tickets is about:
A. 0.0.
B. 0.4.
C. 0.6.
D. 2.5.
Ans: B
AACSB: Analytic
Bloom’s: Apply
Difficulty: 03 Hard
Feedback: Price elasticity of demand = % change in quantity/% change in price = 2/5 = 0.4. We
conventionally give elasticity of demand as a positive number, which is why we used the
absolute values of the numerator and denominator in the above equation (we have taken 2
percent instead of –2 percent).
[QUESTION]
21. If average movie attendance is 250 million when prices are $7 a ticket and 200 million when
prices are $9 a ticket, the elasticity of demand for movie tickets is about:
A. 0.0.
B. 0.9.
C. 1.1.
D. 1.8.
Ans: B
AACSB: Analytic
Bloom’s: Apply
Difficulty: 03 Hard
Feedback: Elasticity = [(250 – 200)/225]/[(9– 7)/8] = 0.9. We state elasticity of demand as
positive.
[QUESTION]
22. A newspaper recently lowered its price from 50 cents to 30 cents, causing the number of
newspapers sold to increase from 240,000 to 280,000. Other things equal, the data imply that the
elasticity of demand for this newspaper is about:
A. 3.25.
B. 0.5.
C. 0.3.
D. 0.15.
Ans: C
AACSB: Analytic
Bloom’s: Apply
Difficulty: 03 Hard
Feedback: Elasticity = [(280,000 – 240,000)/260,000]/[(.3 – .5)/.4] = (40,000/260,000)/(–0.2/.4)
= (.1538)/–.5) = –0.3. We state elasticity of demand as positive.
[QUESTION]
23. If the price elasticity of supply is 0.5, a 10 percent increase in price will cause a:
A. 5 percent increase in quantity supplied.
B. 5 percent decrease in quantity supplied.
C. 20 percent increase in quantity supplied.
D. 20 percent decrease in quantity supplied.
Ans: A
Feedback: According to the law of supply, an increase in price causes an increase in quantity
supplied. The price elasticity of supply is the percentage change in quantity supplied divided by
the percentage change in price (0.5 = 5%/10%).
[QUESTION]
24. A price elasticity of demand for a good or service of 1.8 tells us that:
A. the price changes by $1.80 when quantity changes by 1 unit.
B. quantity demanded falls by 1.8 percent when price rises by 1 percent.
C. the price rises by 1.8 percent when quantity demanded falls by 1 percent.
D. quantity demanded falls by 1.8 units when price changes by $1.
Ans: B
Feedback: Price elasticity tells us the percentage change in quantity in response to a percentage
change in price.
[QUESTION]
25. If the price of a good goes up by 5 percent and, in response, the quantity demanded falls by
15 percent, the price elasticity of demand will be:
A. .05.
B. 3.
C. 0.3333.
D. 0.15.
Ans: B
AACSB: Analytic
Bloom’s: Apply
Difficulty: 03 Hard
the percentage change in price = 15%/5% = 3.
[QUESTION]
26. Charlie Black will purchase 10 percent more cans of Coke if the price of a can of Coke falls
by 5 percent. Charlie's price elasticity of demand for cans of Coke is:
A. 10.
B. 5.
C. 2.
D. ½.
Ans: C
AACSB: Analytic
Bloom’s: Apply
Difficulty: 03 Hard
the percentage change in price = 10%/5% = 2.
[QUESTION]
27. As the manager of a ski resort, you want to increase the number of lift tickets sold by 8
percent. Your staff economist has determined that the price elasticity of demand for lift tickets is
2. To increase sales by the desired amount, you should decrease the price of a lift ticket by:
A. 2 percent.
B. 4 percent.
C. 8 percent.
D. 16 percent.
Ans: B
AACSB: Analytic
Bloom’s: Apply
Difficulty: 03 Hard
Feedback: Price elasticity of demand = % change in quantity/% change in price = 8/x = 2. Solve
for x.
[QUESTION]
28. Susan's price elasticity of restaurant meals is 2.27. If the price of a restaurant meal falls by 2
percent, the quantity of restaurant meals Susan demands will:
A. increase by 2.27 percent.
B. fall by 2.27 percent.
C. increase by 4.54 percent.
D. increase by 22.7 percent.
Ans: C
AACSB: Analytic
Bloom’s: Apply
Difficulty: 03 Hard
Feedback: Elasticity = x/2 = 2.27. Solve for x.
[QUESTION]
29. Richard Voith estimated the price elasticity of demand for round-trip rail fare to be 0.62. If
fares rose by 30 percent, one would expect the quantity of round-trip tickets purchased to:
A. rise by 18.6 percent
B. fall by 18.6 percent
C. rise by 48.4 percent
D. fall by 48.4 percent
Ans: B
AACSB: Analytic
Bloom’s: Apply
Difficulty: 03 Hard
Feedback: Price elasticity of demand = % change in quantity/% change in price = x/30 = .62.
Solve for x.
[QUESTION]
30. It has been estimated that the price elasticity of demand for attending baseball games is 0.23.
Other things held constant, a 10 percent increase in attendance can be explained by a:
A. 43.48 percent fall in the price of a ticket.
B. 43.48 percent rise in the price of a ticket.
C. 23 percent fall in the price of a ticket.
D. 23 percent rise in the price of a ticket.
Ans: A
AACSB: Analytic
Bloom’s: Apply
Difficulty: 03 Hard
Feedback: Price elasticity of demand = % change in quantity/% change in price = 10/x = 0.23.
Solve for x.
[QUESTION]
31. It has been estimated that the price elasticity for cigarettes is 0.164. Assuming there are
currently no taxes on cigarettes, to reduce cigarette purchases 5 percent, the government would
need to tax cigarettes enough to:
A. raise the price by 0.82 percent.
B. lower the price by 0.82 percent.
C. raise the price by 30.5 percent.
D. lower the price by 30.5 percent.
Ans: C
AACSB: Analytic
Bloom’s: Apply
Difficulty: 03 Hard
Feedback: Price elasticity of demand = % change in quantity/% change in price = 5/x = .164.
Solve for x.
[QUESTION]
32. An elasticity of supply of 2.7 means that:
A. supply is inelastic.
B. quantity supplied changes 2.7 units for each 1 percent change in price.
C. quantity supplied changes 2.7 percent for each 1 percent change in price.
D. price changes by 2.7 percent for each 1 percent change in quantity supplied.
Ans: C
Feedback: Elasticity is the percentage change in quantity divided by the percentage change in
price.
[QUESTION]
33. If the quantity of picture frames supplied increases 15 percent when the price goes up 20
percent, the elasticity of supply is:
A. 15.
B. 20.
C. 1.33.
D. 0.75.
Ans: D
AACSB: Analytic
Bloom’s: Apply
Difficulty: 03 Hard
Feedback: Price elasticity of supply = % change in quantity/% change in price = 15/20 = .75.
[QUESTION]
34. A marketing student observes that when the price of ice cream rises by 10 percent, the
quantity of ice cream a supplier is willing to sell rises by 5 percent. The student correctly
concludes that the elasticity of supply for ice cream is:
A. .2.
B. .5.
C. 2.
D. 5.
Ans: B
Feedback: Price elasticity of supply = % change in quantity/% change in price = 5%/10% = .5.
[QUESTION]
35. Measuring the price of gasoline in dollars, an economist calculates the price elasticity of
demand to be .5. What would the price elasticity of demand be if the economist had chosen to
measure the price of gasoline in pennies rather than dollars?
A. .5
B. .05
C. .005
D. 50
Ans: A
Feedback: Elasticity is independent of units.
[QUESTION]
36. Measuring the price of gasoline in dollars per quart, an economist calculates the price
elasticity of demand to be 1. What would the price elasticity of demand be if the economist had
chosen to measure the price in dollars per gallon?
A. 1
B. 4
C. .25
D. .5
Ans: A
Feedback: Elasticity is independent of units.
[QUESTION]
37. If a $100 drop in the price of a $10,000 car resulted in an increase in the quantity of cars
purchased from 100 to 110 and a $100 drop in the price of a $1,000 vacation rental resulted in an
increase in the quantity of weekly vacation homes rented from 100 to 110, the price elasticity of
demand is:
A. greater for the car.
B. less for the car.
C. the same for both the car and the vacation rental.
D. not comparable.
Ans: A
AACSB: Analytic
Bloom’s: Analyze
Difficulty: 03 Hard
Feedback: The percentage rise in quantity was the same for both, but the percentage fall in price
was greater for the vacation rental. Therefore, its elasticity of demand is smaller than that of the
car.
[QUESTION]
38. A sporting goods store observes that as they reduce the price of squash balls from $5 to $4,
their quantity demanded rises from 200 to 220. Rounding to the nearest tenth, they correctly
compute the elasticity of demand of squash balls to be:
A. 0.1.
B. 0.4.
C. 2.3.
D. 5.
Ans: B
AACSB: Analytic
Bloom’s: Apply
Difficulty: 03 Hard
Feedback: Elasticity = [(200 – 220)/210]/[(5 – 4)/4.5] = (–20/210)/(1/4.5) = –.095/.222 = –0.4.
We state elasticity of demand as positive.
[QUESTION]
39. As the price of beachfront cottages in Florida was raised from $400,000 to $500,000, their
quantity supplied rose from 2,000 to 2,100. Rounding to the nearest tenth, the elasticity of supply
of beachfront cottages is:
A. 0.4.
B. 0.2.
C. 1.0.
D. 4.6
Ans: B
AACSB: Analytic
Bloom’s: Apply
Difficulty: 03 Hard
Feedback: Elasticity = [(2,100 – 2,000)/2,050]/[(500,000 – 400,000)/450,000] =
(100/2,050)/(100,000/450,000) = 0.2 (rounded).
[QUESTION]
40. As the price of tomatoes fell from $2.5 to $2, the quantity imported from Mexico fell from
1,800 tons to 900 tons. The elasticity of supply of tomatoes imported from Mexico is:
A. 0.25.
B. 0.3
C. 3.0
D. 5.
Ans: C
AACSB: Analytic
Bloom’s: Apply
Difficulty: 03 Hard
Feedback: Elasticity = [(1,800 – 900)/1,350]/[(2 – 2.5)/2.25] = (–900/1,350)/(–0.5/2.25) = 3.0.
We state elasticity of demand as positive.
[QUESTION]
41. As the price of samosas (a kind of food in India) was raised from 2 to 3 rupees (Indian
currency), their quantity demanded fell from 15,000 to 12,000. Rounding to the nearest tenth, the
elasticity of demand of samosas is:
A. 4.
B. 0.6.
C. 1.8.
D. impossible to determine because we don't know the exchange rate of the rupee.
Ans: B
AACSB: Analytic
Bloom’s: Apply
Difficulty: 03 Hard
Feedback: Elasticity = [(12,000 – 15,000)/13,500]/[(3 – 2)/2.5] = (–3,000/13,500)/(1/2.5) = –0.6.
We state elasticity of demand as positive. Elasticity is a number that measures the general
responsiveness of quantity to changes in price. It does not matter what the currency is.
[QUESTION]
42. Compute the approximate elasticity of supply from the following data:
A. .2
B. .5
C. 2.1
D. 5.0
Ans: C
AACSB: Analytic
Bloom’s: Apply
Difficulty: 03 Hard
Feedback: Elasticity = [(500 – 400)/450]/[(100 – 90)/95] = (100/450)/(10/95) = .22/.11 = 2.1.
[QUESTION]
43. Compute the approximate elasticity of demand from the following data:
A. .87
B. 1.15
C. 1.5
D. 5.0
Ans: B
AACSB: Analytic
Bloom’s: Apply
Difficulty: 03 Hard
Feedback: Elasticity = [(11.5 – 13.5)/12.5]/[(23 – 20)/21.5) = (–2/12.5)/(3/21.5) = –.16/.14 = –
1.15. We state elasticity of demand as positive.
[QUESTION]
44. Refer to the graph shown. Calculate the approximate average elasticity of demand as the
price falls from $18 to $0:
A. 3
B. 1
C. 2/3
D. 3/2
Ans: B
AACSB: Analytic
Bloom’s: Apply
Difficulty: 03 Hard
Feedback: Elasticity is [(9 – 0)/4.5]/[(0 – 18)/9] = (2)/(–2) = –1. We state elasticity of demand as
positive.
[QUESTION]
45. Refer to the graph shown. Calculate the approximate elasticity of demand for the line
segment BD:
A. 3
B. 2
C. ½
D. 3/2
Ans: C
AACSB: Analytic
Bloom’s: Apply
Difficulty: 03 Hard
Feedback: Elasticity is [(9 – 3)/6]/[(0 – 12)/6] = –1/2. We state elasticity of demand as positive.
[QUESTION]
46. Refer to the graph shown. Calculate the approximate elasticity of demand for the line
segment CD:
A. 3
B. 1/3
C. 1/5
D. 5
Ans: C
AACSB: Analytic
Bloom’s: Apply
Difficulty: 03 Hard
Feedback: Elasticity is [(9 – 6)/7.5]/[(0 – 6)/3] = (3/7.5)/(2) = –.20. We state elasticity of
demand as positive.
[QUESTION]
47. Refer to the graph shown. The elasticity of demand is closest to 1 on line segment:
A. AB
B. BC
C. CD
D. The elasticity is not close to 1 on any of these line segments.
Ans: B
AACSB: Analytic
Bloom’s: Apply
Difficulty: 03 Hard
Feedback: Elasticity of demand will be greater than 1 on segment AB, close to 1 on segment
BC, and less than 1 on segment CD.
[QUESTION]
48. Refer to the graph shown. Demand is inelastic on line segment:
A. AB
B. BC
C. CD
D. The demand is not inelastic on any of these line segments.
Ans: C
AACSB: Analytic
Bloom’s: Apply
Difficulty: 03 Hard
Feedback: Elasticity of demand will be less than 1 on line segment CD, and so demand is
inelastic in this region.
[QUESTION]
49. Refer to the graph shown. The approximate elasticity of segment AD is:
A. 3/4.
B. 3.
C. 4/3.
D. 4.
Ans: A
AACSB: Analytic
Bloom’s: Apply
Difficulty: 03 Hard
Feedback: Elasticity is [(7 – 1)/4]/[(18 – 0)/9] = (3/2)/(2) = 3/4.
[QUESTION]
50. Refer to the graph shown. The approximate elasticity of segment AC is:
A. 1/3.
B. 1/2.
C. 2/3.
D. 3/2.
Ans: C
AACSB: Analytic
Bloom’s: Apply
Difficulty: 03 Hard
Feedback: Elasticity is [(5 – 1)/3]/[(12 – 0)/6] = (4/3)/(2) = 2/3.
[QUESTION]
51. Refer to the graph shown. The approximate elasticity of segment AB is:
A. 1/3.
B. 1/2.
C. 2/3.
D. 3/2.
Ans: B
AACSB: Analytic
Bloom’s: Apply
Difficulty: 03 Hard
Feedback: Elasticity is [(3 – 1)/2]/[(6 – 0)/3] = (1)/(2) = 1/2.
[QUESTION]
52. If the supply of a product is inelastic, this implies that a specific percentage change in price
leads to:
A. an equal percentage change in the quantity supplied.
B. a larger percentage change in the quantity supplied.
C. a smaller percentage change in the quantity supplied.
D. no percentage change in the quantity supplied.
Ans: C
Bloom’s: Remember
Difficulty: 01 Easy
Feedback: Inelastic supply means that the percentage change in quantity is less than the
percentage change in price.
[QUESTION]
53. If the percentage increase in the quantity supplied equals the percentage increase in the
price, the supply:
A. is elastic.
B. is inelastic.
C. has unit elasticity.
D. is perfectly elastic.
Ans: C
Bloom’s: Remember
Difficulty: 01 Easy
Feedback: See the definition of unit elastic.
[QUESTION]
54. If the percentage increase in the quantity supplied is greater than the percentage increase in
the price, the supply:
A. is elastic.
B. is inelastic.
C. is unit elastic.
Ans: A
Bloom’s: Remember
Difficulty: 01 Easy
Feedback: See the definition of elastic.
[QUESTION]
55. If the percentage increase in the quantity supplied is smaller than the percentage increase in
the price, the supply:
A. is elastic.
B. is inelastic.
C. is unit elastic.
Ans: B
Bloom’s: Remember
Difficulty: 01 Easy
Feedback: See the definition of inelastic.
[QUESTION]
56. If the price elasticity of demand for a good is inelastic, a price change causes:
A. a zero change in quantity demanded.
B. an infinite change in quantity demanded.
C. a more than proportionate change in quantity demanded.
D. a less than proportionate change in quantity demanded.
Ans: D
Feedback: See the definition of inelastic.
[QUESTION]
57. If quantity demanded does not change when the price changes, the demand:
A. is elastic.
B. is inelastic.
C. has unit elasticity.
D. is perfectly inelastic.
Ans: D
Bloom’s: Remember
Difficulty: 01 Easy
Feedback: See the definition of perfectly inelastic.
[QUESTION]
58. If quantity demanded changes infinitely when the price changes, the demand:
A. is slightly elastic.
B. is inelastic.
C. is unit elastic.
Ans: D
Bloom’s: Remember
Difficulty: 01 Easy
Feedback: See the definition of perfectly elastic.
[QUESTION]
59. If the quantity of houses supplied in an area increases 10 percent when the price goes up 25
percent, the supply:
A. is elastic.
B. is inelastic.
C. is unit elastic.
Ans: B
AACSB: Analytic
Bloom’s: Analyze
Difficulty: 03 Hard
Feedback: Elasticity is 10/25 = .4. Since this is less than 1, supply is inelastic.
[QUESTION]
60. If the elasticity of demand for restaurant meals is 2.27, the demand for restaurant meals is:
A. elastic.
B. inelastic.
C. unit elastic.
D. perfectly inelastic.
Ans: A
Feedback: Elastic points have elasticities greater than 1.
[QUESTION]
61. If the elasticity of demand for electricity is 0.13, the demand for electricity is:
A. inelastic.
B. elastic.
C. perfectly inelastic.
D. unit elastic.
Ans: A
Feedback: Inelastic points have elasticities less than 1.
[QUESTION]
62. George Davis and Michael Wohlgenant estimate that for every 1 percent increase in the
price of Christmas trees, quantity demanded falls by 0.6 percent. The demand for Christmas trees
is:
A. inelastic.
B. elastic.
D. unit elastic.
Ans: A
Feedback: Elasticity = 0.6/1 = 0.6. Inelastic points have elasticities less than 1.
[QUESTION]
63. Elizabeth Savoca estimated that for every 1 percent increase in tuition costs at a college, 2.4
percent fewer students applied to that college. This indicates that the elasticity of applying to
college is:
A. inelastic.
B. elastic.
D. unit elastic.
Ans: B
Feedback: Elasticity = 2.4/1 = 2.4. Elastic points have elasticities greater than 1.
[QUESTION]
64. If consumers won't pay more than 59 cents for a pack of gum and at 59 cents they will buy
an almost infinite amount, price elasticity of demand at 59 cents is:
A. inelastic.
B. elastic.
C. perfectly elastic.
D. perfectly inelastic.
Ans: C
Feedback: The response to an increase in price above 59 cents is enormous; thus, demand is
perfectly elastic.
[QUESTION]
65. Refer to the following table to answer the question. Demand is most elastic between:
A. $2 and $4.
B. $4 and $6.
C. $6 and $8.
D. $8 and $10.
Ans: D
AACSB: Analytic
Bloom’s: Apply
Difficulty: 03 Hard
Feedback: Elasticity rises as price rises along a straight-line demand curve. The highest price
range is the most likely candidate. Doing the calculations, we find that elasticity between $8 and
$10 is 1.5 and is less than 1 (inelastic) in all the other ranges.
[QUESTION]
66. Refer to the following table to answer the question. Demand is inelastic between:
A. $6 and $8.
B. $8 and $10.
C. $10 and $12.
D. $12 and $14.
Ans: A
AACSB: Analytic
Bloom’s: Apply
Difficulty: 03 Hard
Feedback: Elasticity rises as price rises along a straight-line demand curve. The lowest price
range is the most likely candidate. Doing the calculations, we find that elasticity between $6 and
$8 is 0.875 but is more than 1 (elastic) in all the other ranges.
[QUESTION]
67. Refer to the following table to answer the question. Supply shown by the table is:
A. elastic.
B. unit elastic.
C. inelastic.
D. changing as price changes.
Ans: B
AACSB: Analytic
Bloom’s: Apply
Difficulty: 03 Hard
Feedback: This curve goes through the origin and is unit elastic along all points.
[QUESTION]
68. Refer to the table shown to answer the question. Between $2 and $2.20, demand is:
A. elastic.
B. unit elastic.
C. inelastic.
D. perfectly elastic.
Ans: B
AACSB: Analytic
Bloom’s: Apply
Difficulty: 03 Hard
Feedback: Between $2 and $2.20 elasticity is (.2/2.1)/(–10/105) = –1. We state demand
elasticities as positive by convention.
[QUESTION]
69. Refer to the table shown to answer the question. Between $1.60 and $1.80, demand is:
A. elastic.
B. unit elastic.
C. inelastic.
Ans: C
AACSB: Analytic
Bloom’s: Apply
Difficulty: 03 Hard
Feedback: Between $1.60 and $1.80 elasticity is (10/125)/(-.2/1.70) = -0.68. We state demand
[QUESTION]
70. Refer to the table shown to answer the question. Between $2.20 and $2.40, demand is:
A. elastic.
B. unit elastic.
C. inelastic.
Ans: A
AACSB: Analytic
Bloom’s: Apply
Difficulty: 03 Hard
Feedback: Between $2.20 and $2.40 elasticity is (10/95)/(–.2/2.3) = 1.21. We state demand
[QUESTION]
71. Refer to the graph shown. Which of the following curves demonstrates a perfectly inelastic
demand curve?
A. A
B. B
C. C
D. None of the curves
Ans: C
Bloom’s: Remember
Difficulty: 01 Easy
Feedback: A perfectly inelastic curve is vertical because there is never any change in quantity
demanded.
[QUESTION]
72. Refer to the graph shown. Which of the following curves demonstrates a perfectly elastic
demand curve?
A. A
B. B
C. C
Ans: A
Bloom’s: Remember
Difficulty: 01 Easy
Feedback: A perfectly elastic curve is horizontal because there is never any change in price.
[QUESTION]
73. Along a straight-line demand curve, elasticity:
A. rises as price rises.
B. declines as price rises.
C. is equal to slope.
D. is always zero.
Ans: A
Feedback: Elasticity is infinite at the price axis intercept and declines to zero at the quantity axis
intercept.
[QUESTION]
74. Which of the following statements is true about a downward-sloping demand curve that is a
straight line?
A. The slope and the elasticity are the same at all points.
B. The slope remains the same, but elasticity rises as you move down the demand curve.
C. The slope remains the same, but elasticity falls as you move down the demand curve.
D. The slope and the elasticity fall as you move down the demand curve.
Ans: C
Feedback: The slope of a straight line is always the same, and the elasticity falls as one moves
down the demand curve.
[QUESTION]
75. Along a straight-line supply curve:
A. elasticity rises as price rises.
B. elasticity declines as price declines.
C. elasticity is equal to slope.
D. the change in elasticity depends on the supply curve in question.
Ans: D
Feedback: If the supply curve intersects the price axis, elasticity declines as price rises. If the
supply curve intersects the quantity axis, elasticity rises as price rises.
[QUESTION]
Elasticity is greatest at point:

A. A.
B. B.
C. C.
D. It is the same everywhere along this supply curve.
Ans: A
supply curve intersects the quantity axis, elasticity rises as price rises. (Unless the supply curve is
horizontal or vertical.)
[QUESTION]
A. A.
B. B.
C. C.
Ans: C
supply curve intersects the quantity axis, elasticity rises as price rises. (Unless the supply curve is
horizontal or vertical.)
[QUESTION]
A. A.
B. B.
C. C.
Ans: D
Feedback: If the supply curve intersects the origin, the elasticity is 1 along the entire supply
curve.
[QUESTION]
79. Refer to the graph shown. At which point is elasticity 1?
A. A
B. B
C. C
D. D
Ans: B
\
Feedback: A straight-line demand curve is unit elastic only at its midpoint of the quantity axis.
[QUESTION]
80. Refer to the graph shown. At which point is elasticity zero?
A. A
B. B
C. C
D. D
Ans: D
Bloom’s: Remember
Difficulty: 01 Easy
Feedback: Elasticity is zero at the quantity axis intercept.
[QUESTION]
81. Refer to the graph shown. At which point is elasticity infinite?
A. A
B. B
C. C
D. D
Ans: A
Bloom’s: Remember
Difficulty: 01 Easy
Feedback: Elasticity is infinite at the price axis intercept.
[QUESTION]
82. Refer to the graph shown. Which point has an elasticity greater than 1?
A. E
B. B
C. C
D. D
Ans: B
Feedback: Points to the left of the x-axis midpoint are elastic (greater than 1).
[QUESTION]
83. Refer to the graph shown. Which point has an elasticity less than 1?
A. A
B. B
C. C
D. D
Ans: D
AACSB: Analytic
Feedback: Points to the right of the x-axis midpoint are inelastic (elasticity less than 1).
[QUESTION]
84. Refer to the graph shown. Which supply curve is unit elastic?
A. A
B. B
C. C
D. D
Ans: B
Feedback: Supply curves that intersect the origin have elasticity of 1 (unit elastic).
[QUESTION]
85. Refer to the graph shown. For which curve does the price elasticity of supply decrease as
price increases?
A. A
B. B
C. C
D. D
Ans: C
Feedback: Supply curves that intersect the price axis have decreasing price elasticity (assuming
they are not horizontal).
[QUESTION]
86. Refer to the graph shown. Which supply curve is perfectly elastic?
A. A
B. B
C. C
D. D
Ans: A
Feedback: Horizontal supply curves are perfectly elastic.
[QUESTION]
87. Refer to the graph shown. Which supply curve is perfectly inelastic?
A. A
B. B
C. C
D. D
Ans: D
Feedback: Vertical supply curves are perfectly inelastic.
[QUESTION]
88. Refer to the graph shown. When price rises by 10 percent, quantity supplied rises by 10
percent. Which curve best demonstrates the elasticity of supply in this example?
A. A
B. B
C. C
D. D
Ans: B
Feedback: Elasticity is 1. Supply curves that intersect the origin have elasticity of 1 (unit
elastic).
[QUESTION]
Which of the following curves demonstrates a unit elastic demand curve? (That is, a curve where
elasticity is 1 at each point.)
A. A
B. B
C. C
Ans: D
Feedback: Elasticity goes from infinity to zero along a straight-line demand curve. It has unit
elasticity only at its midpoint of the quantity axis.
[QUESTION]
90. Refer to the graph shown. Which supply curve is elastic?
A. A
B. B
C. C
Ans: C
Feedback: Supply curves that intersect the price axis are elastic.
[QUESTION]
91. Refer to the graph shown. When price rises by 20 percent, quantity supplied rises by 25
percent. Which curve best demonstrates elasticity in this example?
A. A
B. B
C. C
Ans: C
Feedback: Supply is elastic. Supply curves that intersect the price axis are elastic.
[QUESTION]
92. Refer to the graph shown. Which supply curve is inelastic?
A. A
B. B
C. C
Ans: A
Feedback: Supply curves that intersect the quantity axis are inelastic.
[QUESTION]
93. Refer to the graph shown. When price declines by 11 percent, quantity supplied falls by 8
percent. Which curve best demonstrates the elasticity in this example?
A. A
B. B
C. C
Ans: A
Feedback: The example demonstrates an inelastic supply curve. Supply curves that intersect the
quantity axis are inelastic.
[QUESTION]
94. If the supply curve intersects the vertical (price) axis, the supply curve has an elasticity:
A. less than 1.
B. equal to 1.
C. greater than 1.
D. that is indeterminate.
Ans: C
Bloom’s: Remember
Difficulty: 01Easy
Feedback: Supply curves that intersect the price axis are elastic (Elasticity > 1).
[QUESTION]
95. A supply curve that intersects the horizontal (quantity) axis is:
A. inelastic.
B. elastic.
C. perfectly elastic.
D. unit elastic.
Ans: A
Bloom’s: Remember
Difficulty: 01 Easy
Feedback: Supply curves that intersect the horizontal axis are inelastic.
[QUESTION]
96. A perfectly elastic supply curve would:
A. intersect the two axes at the origin.
B. intersect the horizontal axis.
C. be horizontal.
D. be vertical.
Ans: C
Feedback: Quantity supplied would change enormously with a small change in price. This is
true only for a horizontal supply curve.
[QUESTION]
97. The supply curve with the greatest elasticity is one with slope of:
A. 1/2.
B. 1.
C. 2.
D. impossible to say.
Ans: D
AACSB: Analytic
Bloom’s: Analyze
Difficulty: 03 Hard
Feedback: Slope is not the same as elasticity. The trick with supply curves is the price intercept.
If it is positive, it is elastic. If it is negative (cuts the horizontal axis), it is inelastic.
[QUESTION]
The demand curve with the greatest elasticity is:

A. A.
B. B.
C. C.
D. D.
Ans: D
AACSB: Analytic
Bloom’s: Analyze
Difficulty: 03 Hard
Feedback: D is perfectly elastic (elasticity is infinite).
[QUESTION]
Elasticity is smallest at which point?

A. A
B. B
C. C
D. D
Ans: D
AACSB: Analytic
Bloom’s: Analyze
Difficulty: 03 Hard
Feedback: P/Q × ∆Q/∆P. In all these demand curves ∆Q/∆P are the same and P is the same.
Since the only thing that changes is quantity, the point where Q is the largest has the smallest
elasticity.
[QUESTION]
100. The demand for a good is inelastic. Which of the following would be an explanation for
this?
A. The good is a necessity.
B. The good is specifically defined.
C. The good costs a large portion of one's total income.
D. The time interval considered is long.
Ans: A
Feedback: Necessities tend to be price inelastic.
[QUESTION]
101. The demand for a good is inelastic. Which of the following would be the most likely
explanation for this?
A. The good is narrowly defined.
B. The good is broadly defined.
C. The good costs a large portion of one's total income.
D. The time interval considered is long.
Ans: B
Feedback: Broadly defined goods have few substitutes; thus, demand for them is price inelastic.
[QUESTION]
102. The demand for a good is elastic. Which of the following would be the most likely
explanation for this?
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spruce, cypress, etc., shrinks less than the wood of trees such as the
oak.
118. Weight.—Wood substance is 1.6 times as heavy as water; it
matters not whether it be wood of oak, pine or poplar.
Wood placed in water floats because of the air enclosed in its cells;
when the cells become filled with water it sinks.
The weight of any given piece of wood is determined (1) by the
wood substance—this is always the same; (2) by the amount of
water enclosed in its cells—this varies.
Some kinds of woods are heavier than others similarly seasoned
because they contain more wood substance in a given volume.
Weight of wood is an important quality. To a large extent, strength
is measured by weight; a heavy piece of oak will be stronger than a
light one of the same species.
Lightness, strength and stiffness are properties which recommend
wood for different uses.
119. Other Properties.—Strength, elasticity, hardness, toughness
and cleavability as applied to timber, have
their usual meaning.
120. Grain.—Wood fibers generally extend parallel to the axis of
the trunk or branch which they form. In this case the
wood is said to be straight grained.
Fig. 202. Fig. 203.

Frequently, the fibers grow around the tree as in Fig. 202, or
several layers may grow obliquely in one direction and the next
series grow obliquely in the opposite direction, Fig. 203. Boards cut
from such trees will be cross grained or twisted.
The surface of the wood under the bark is seldom smooth. Usually
these hollows are filled even by the addition of one or two new rings
of growth. However, in some woods as maple, the unevennesses are
maintained, the high places being added to as are the low. Fig. 204.
A board cut tangentially from the tree in which the depressions are
small and numerous will have “birds’ eyes”. Dormant buds frequently
cause small cone-shaped elevations, which tho covered with
successive layers of new wood, retain their shape. Cross sections of
these cones will appear on the sawed board as irregular circles with
a dark speck in the center.
Fig. 204.
Fig. 205.
FELLING RED SPRUCE WITH THE SAW. ADIRONDACK MOUNTAINS, NEW
YORK.
CHAPTER XI.
Lumbering and Milling.
121. Lumbering.—Lumbering is of two kinds: conservative and
ordinary. The first seeks to so treat the forest that
successive crops may be produced; the second takes no account of
the future. It cuts only the better parts of the trees, often destroying
young and promising trees in so doing.
Lumbering in the United States in usually carried on at quite a
distance from habitation. A camp is, therefore, prepared at a spot
convenient for the logging operators. Here the men eat and sleep.
A lumberman selects the trees which are to be cut and marks
them with a hatchet to prevent mistakes.
These trees are felled either with the ax or saw, sometimes both.
Fig. 205. When the trees are down, the lower branches and top are
trimmed off with axes, after which the trunks are sawed into logs of
convenient length.
Fig. 206.
HAULING SPRUCE LOGS TO THE SKIDWAY. ADIRONDACK MOUNTAINS,
NEW YORK.
These logs are dragged away and collected in piles. This is called
skidding, Fig. 206. Skidding is usually done with horses or oxen.
From these piles the logs are loaded upon sleds, Fig. 207, and
hauled to the place from which they are loaded on cars, rolled into a
stream or otherwise transferred to the sawmill. Fig. 208 illustrates a
method used in the south which combines skidding and hauling.
Fig. 207.
LOAD OF WHITE PINE LOGS, HUBBARD CO., MINNESOTA.
Fig. 208.
HAULING LOGS BY MULE TEAM NEAR OCILLA, GEORGIA.
Logs are transported to the sawmill in various ways: They may be

loaded on cars, and hauled to the millpond, Figs. 209 and 210. They
may be floated down some stream. Where a stream is not deep they
are often collected in the bed just below a specially prepared dam
called a splash-dam. When the dam is opened the sudden flood
carries them along. Logs are often made into rafts where the stream
is large and deep or they may be floated singly. Men called log or
river drivers accompany these logs. It is their duty to break up any
jams which the logs may form. River-driving is dangerous work and
requires great daring on the part of the men. They must learn to
balance themselves on floating, rolling logs.
Fig. 209.
LOADED TRAIN OF LONGLEAF PINE, BARHAM, LOUISIANA.
When a log jam is broken the logs go out with a great rush and the
driver must make his escape as best he can.
122. Milling.—If the sawmill is located upon the banks of a
running stream the logs are enclosed by a log boom
until they are wanted for sawing. Fig. 211. Log booms are made by
chaining logs together and stretching them across the river; they are
to the enclosed logs what fences are to cattle.
Soaking logs in water helps to clean the wood. The mineral matter
which is soluble is washed out. Fig. 212.
Fig. 210.
UNLOADING LOGS FROM TRAIN, PINOGRANDE, CALIFORNIA.
Three kinds of saws are in common use in cutting logs into

lumber: circular, band and gang. Circular saws cut faster than band-
saws but are rather wasteful because they cut such a wide kerf. A
large circular saw frequently cuts a kerf one-quarter of an inch wide.
Gang saws cut out several boards at the same time. Band-saws,
because of their economy, are displacing the others.
The common forms into which logs are sawed are timbers, planks
and boards. Timbers refer to the larger pieces such as are used for
framing; planks are wide pieces over one and one-half inches thick;
and boards are wide pieces less than one and one-half inches thick.
At the mill the log is drawn from the water, up a slide, Fig. 213, by
an endless chain. In the mill it is inspected for stones and spikes and
then measured. Next it is automatically pushed out of the slip upon a
sloping platform called the log deck where it is held by a stop until it
is wanted at the saw.
Fig. 211.
THE GLENS FALLS BOOM, HUDSON RIVER, NEW YORK.
Fig. 212.
LOG POND NEAR OCILLA, GEORGIA.
Fig. 214.
DOUBLE CUT SAW MILL, PINOGRANDE, CALIFORNIA.
When the carriage is empty the stop is withdrawn and at the same
time revolves so as to throw the log upon the carriage. Iron hooks
called dogs are then fastened in the log in such a way that it cannot
turn. Fig. 214. The carriage and log move toward the saw and a slab
is cut off the log. A reversing lever takes the carriage back; again the
log is moved to the saw. This is repeated until a few boards are cut
off. The more modern band saws have teeth on each edge of the
blade so that the log is cut as the carriage moves backward as well
as when it moves forward.
Fig. 213.
LOG SLIDE AT A MILL IN SOUTHERN GEORGIA.
The dogs are released and the log is given a half turn on the
carriage by means of a steam “canter.” The side from which the slab
and boards were sawed is placed against the knees—the standards
or uprights of the carriage—and the log again dogged. The opposite
slab and a few more boards are sawed off after which the log is
given a quarter turn and all but a few boards taken off.
A half turn of the log and the final sawings are made.
A series of “live” rolls—rolls which revolve in one direction—carry
off the boards. The rough edged boards, which constitute about one-
third of the whole number, are held by stops and finished on saws
called edgers.
The boards are now passed on to a trimmer or jump saw and cut
to standard lengths. Timbers are trimmed to length by a butting saw.
Slabs are sawed to a length of four feet one inch on a slasher. These
slabs are sawed into laths, pickets, or blocks the length of a shingle,
called shingle bolts. From these bolts shingles are sawed.
123. Quarter Sawing.—Fig. 215 shows a common way of sawing
“quarter sawed” lumber.
Fig. 215.
The faces of most of the boards are cut nearly parallel to the
medullary rays, these rays come to the surface at small angles and
make the beautiful spotting often seen in oak and sycamore.
Quarter-sawed boards do not warp or twist as much as the plain
sawed because the annual rings are perpendicular to the face.
124. Waste.—Attached to every sawmill will be found tower-like
structures from the tops of which smoke issues, Fig.
216. These are called burners and into them are thrown thousands
of tons of waste wood. Waste wood is used as fuel for the engines
and for many other purposes but there still remains much that is
burned as the cheapest way to get rid of it.
Fig. 216.
A MODERN SAWMILL, SHOWING REFUSE BURNER.
125. Lumber Transportation.—Sawed lumber is transported to

the yards in various ways. It is
loaded and carried by boats, by cars, and in some places is floated
to its destination in narrow wooden troughs called flumes.
On the Pacific coast mills are frequently built out over the water on
piles so that the lumber is loaded directly from the saws. Frequently
lumber is formed into rafts and towed to its destination in a manner
similar to that of the log rafts of the Pacific.
126. Seasoning.—There are two methods of drying wood, in
common use: air drying and kiln-drying.
When lumber reaches its destination it is sorted and graded
according to lumbermen’s standards, after which, it is loaded upon
trucks and hauled to the storage yards.
Here, it is so placed that air can get at the four sides of each piece
and evaporate the water held by the “green” lumber. This is called air
seasoning. The time necessary to season a piece of lumber so that it
may be used for high-grade work depends upon the kind of wood, its
shape and size, the condition of the atmosphere, etc.
Two, three, and even four years are often required; the longer the
better, provided it is kept dry.
Fig. 217.
KILN DRYING TUPELO, IONIA, MICHIGAN.
It will never become perfectly dry because of the moisture in the

air itself. Because of the slowness of this method of seasoning,
millmen resort to artificial means. The lumber, as it is needed, is shut
up in a room heated by steam. Fig. 217 shows the method of
“sticking” lumber in preparing it for the kiln.
High temperature, no matter how much moisture may be
contained in the air, will evaporate water from wood.
Green, or fresh sap-wood may be partially seasoned by boiling it
in hot water or by steaming it.
Pine, spruce, cypress, cedar, etc., may be placed in the kiln as
soon as sawed, four days for one inch thick boards being sufficient
to dry them. Hard woods, such as oak, maple, birch, etc., are usually
allowed to “air season” for a period of from three to six months
before being placed in the kiln. Six to ten days additional kiln-drying
is allowed them.
The usual temperature for kilns is from 158 to 180 degrees Fahr.
Hardwoods lose moisture so slowly that to place them in the kiln
directly from the saw would cause them to shrink very unevenly and
hence make them subject to serious “checks”.
Lumber is frequently steamed to prevent its checking and “case
hardening” while being kiln dried.
127. Lumber Terms and Measurements.—“Clear” lumber is
lumber which is free
from knots and sapwood.
“Dressed” lumber or “surfaced” or “sized” lumber is lumber which
has passed thru the planer.
The unit of measure is the board-foot which is one inch thick and
twelve inches square. Boards less than one inch thick are sold by
the square foot, face measure.
Shingles and lath are sold by the bundle. Moldings are sold by
“running” or lineal measure.
Prices are usually based upon the thousand feet; thus, 200 feet,
1st, clear, S2S, (sized or surfaced on two sides) at $47 per M.
CHAPTER XII.
Common Woods.
128. Classification.—According to botanical classification, woods

belong to the Flowering Plants
(Phanerogamia). Classified further we have:
(1) Naked seeds (gymnosperms)
1. Palm ferns, etc. (cycadaceæ)
2. Joint firs (gnetaceæ)
3. Pines, firs, etc. (conifers)
(2) Fruits (angiosperms)
1. One-seed-leaf (monocotyledons)
(Bamboos, palms, grasses, etc.)
2. Two-seed-leaf (dicotyledons)
a. Herbs.
b. Broad-leafed trees.
(oak, ash, elm, etc.)
Conifers and broad-leaved trees are alike in that they add a new
layer of wood each year which covers the old wood of root, trunk and
branch. They are known as exogens—outward growers.
In woods such as the palms, bamboos, and yuccas, growth is
made from within.
The new wood strands mingle with the old and cause the cross
sections to appear dotted, Fig. 218. Trees of this class—endogens—
after some years of growth form harder wood near the surface with
younger and softer growth toward the center—quite the reverse of
the exogens. There are no annual rings. Growth takes place mainly
at the top.
Other classifications, such as deciduous, “hard woods,”
“evergreens,” “soft woods,” are in common use but are not very
accurate.
Fig. 218.
Deciduous trees are the broad-leaved trees and are so called

because they lose their leaves in the fall. Broad-leaved trees are
also called hard woods.
Conifers are called evergreens because their needle-shaped
leaves remain green on the tree the year around. They are also
known as soft woods.
Most of our timber is furnished by (1) the needle-leaved conifers
and (2) the broad-leaved trees.
Coniferous Woods.[1]
[1]
The descriptive matter in small type is quoted, by permission, from a
report of the Division of Forestry, U. S. Department of Agriculture,
Washington, D. C.
Fig. 219.
129. Cedar.—Fig. 219. Light, soft, stiff, not strong, of fine texture; sap and
heartwood distinct, the former lighter, the latter a dull grayish brown, or red. The
wood seasons rapidly, shrinks and checks but little, and is very durable. Used like
soft pine, but owing to its great durability preferred for shingles, etc. Small sizes
used for posts, ties, etc. (Since almost all kinds of wood are used for fuel and
charcoal, and in the construction of fences, barns, etc., the enumeration of these
uses has been omitted in this list.) Cedars usually occur scattered, but they form,
in certain localities, forests of considerable extent.
130. Cypress.—Fig. 220. Cypress wood in appearance, quality, and uses is
similar to white cedar. “Black cypress” and “white cypress” are heavy and light
forms of the same species. The cypress is a large deciduous tree occupying much
of the swamp and overflow land along the coast and rivers of the Southern States.

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Economics 10th Edition Colander Test

If price is currently at B and rises, total revenue will rise.

Elasticity is greatest at point:

Elasticity is greatest at point:

The demand curve with the greatest elasticity is:

Elasticity is smallest at which point?

Fig. 202. Fig. 203.

Logs are transported to the sawmill in various ways: They may be

Three kinds of saws are in common use in cutting logs into

125. Lumber Transportation.—Sawed lumber is transported to

It will never become perfectly dry because of the moisture in the

128. Classification.—According to botanical classification, woods

Deciduous trees are the broad-leaved trees and are so called

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