1) Most alcoholic beverage products have a unit elasticity

Response options group

False

True

2) A cross elasticity of positive demand indicates that goods X and Y are complementary goods.

Response options group

False

True

3) The formula for the income elasticity of demand is Ey =

Response options group

((Qd2 + Qd1) / (Qd2 + Qd1) / 2) / ((Y2-Y1) / (Y2-Y1) / 2))

((Qd2 + Qd1) / (Qd2 + Qd1) / 2) / ((Y2 + Y1) / (Y2 + Y1) / 2))

((Qd2 - Qd1) / (Qd2 + Qd1) / 2) / ((Y2-Y1) / (Y2 + Y1) / 2))

((Qd2 - Qd1) / (Qd2-Qd1) / 2) / ((Y2-Y1) / (Y2-Y1) / 2))

4) If the cross elasticity of demand is equal to or close to zero, it indicates that the two goods are independent.

Response options group

True

False

5) The formula for the price elasticity of demand is Ed =

Response options group

((Qd2 + Qd1) / (Qd2 + Qd1) / 2) / ((P2 + P1) / (P2 + P1) / 2))

((Qd2 - Qd1) / (Qd2 + Qd1) / 2) / ((P2-P1) / (P2 + P1) / 2))

((Qd2 + Qd1) / (Qd2 + Qd1) / 2) / ((P2-P1) / (P2-P1) / 2))

((Qd2 - Qd1) / (Qd2-Qd1) / 2) / ((P2-P1) / (P2-P1) / 2))

6) The formula for the price elasticity of supply is Eo =

Response options group

((Qo2 - Qo1) / (Qo2 + Qo1) / 2) / ((P2-P1) / (P2 + P1) / 2))

((Qo2 + Qo1) / (Qo2 + Qo1) / 2) / ((P2 + P1) / (P2 + P1) / 2))

((Qo2 + Qo1) / (Qo2 + Qo1) / 2) / ((P2-P1) / (P2-P1) / 2))

((Qo2 - Qo1) / (Qo2-Qo1) / 2) / ((P2-P1) / (P2-P1) / 2))

7) An increase in income taxes shifts the ______________ curve.

Response options group

demand left

offer right

offer on the left

demand right

8) A decrease in consumer income shifts the ___________________ curve.

Response options group

demand left

offer on the left

offer right

demand right

9) A decrease in the cost of production factors shifts the ______________ curve.

Response options group

offer on the left

demand left

demand right

offer right

10) A decrease in buyer taste shifts the _________________________ curve.

Response options group

demand left

demand right

offer right

offer on the left

11) An increase in production techniques shifts the __________________ curve.

Response options group

offer right

demand right

demand left

offer on the left

12) If the quantity of demand for a product increases by 7% and its price decreases by 3%, the price elasticity of demand for the product is:

Response options group

0.0233

0.0430

0.4300

2.3300

13) If the price of a product decreases by 15% and the quantity supplied of it decreases by 3%, the price elasticity of the product's supply is:

Response options group

5.00

0.50

0.20

2.00

14) An increase in the number of sellers in the market shifts the _______________ curve.

Response options group

demand right

offer right

demand left

offer on the left

15) If the price of a product increases by 20% and the quantity of its demand decreases by 2%, the price elasticity of demand for the product is: Response options group 1.00 10.0 0.10 0.01 16) If the price of a product increases by 6% and the quantity supplied of this increases by 10%, the price elasticity of the product supply is: Response options group 0.060 0.600 0.167 1,670 17) The price elasticity of demand for alcoholic beverages is: Response options group Perfectly inelastic Unitary Elastic Inelastic 18) The price elasticity of demand for table salt is: Response options group Perfectly inelastic Elastic Unitary Inelastic 19) The price elasticity of demand for shellfish and lobsters is: Response options group Perfectly inelastic Inelastic Elastic Unitary 20) The price elasticity of demand for boats and sailboats is: Response options group Inelastic Elastic Unitary Perfectly inelastic 21) The price elasticity of demand for jewelry is: Response options group Perfectly inelastic Inelastic Unitary Elastic