Can you kindly assist me with the below. Thank you so much

1. A normal good is one in which the incomeelasticityexceeds zero.

Select one:

True

False

2.. The smaller the portion of income spent on a good, the more elastic the demand is.

Select one:

True

False

3..Demand is given by Qd = 100 - 5P and supply is givenby Qs = 10 + 4P. The equilibrium price and quantity are

a) P = 10 and Q = 50

b) P = 10 and Q = 25

c) None of the above answers are correct

d) P = 20 and Q = 50

4..Assume that the crosselasticitybetween two goods is - 3(minus 3), an increase in the price of the first good will cause the demand curve of the second good to shift to the right.

Select one:

True

False

5..The IncomeElasticityis greater than 1 for a normal good.

Select one:

True

False

6..Price increases from $3.00 to $4.00 and quantity demanded decreases from 110 to 90 units, the priceelasticityof demand is

a) -0.55

b) -0.88

c) None of the above is correct

d) -o.7

7.. Other factors held constant, demand will decrease when

a) Income increases and prices of substitutes increase

b) Both of the above answers are correct

c) None of the above answers are correct

d) Income decreases and prices of complements increase

8.. Demand is given by Qd = 100 - 5P and supply is given by Qs - 10 + 4P, if Government sets the price at $11.00, there will be

a) Either excess supply or demand

b) Excess demand

c) Excess supply

d) Equilibrium in this market

9..Other factors held constant, demand will decrease when incomes decrease and the price of complements decrease.

Select one:

True

False

10..When demand is elastic, a decline in price leads to an increase in Total Revenue because

a) None of the answers are correct

b) The change in Q divided by the change in P is between -1 and 0(minus one and zero)

c) The percentage increase in Q is smaller than the percentage decline in P

d) The percentage increase in Q is larger than the percentage decline in P