Choose

1- The price elasticity of demand for boats and sailboats is:

• Elastic
• Perfectly inelastic
• Unitary
• Inelastic

2- The price elasticity of demand for shellfish and lobsters is:

• Elastic
• Perfectly inelastic
• Unitary
• Inelastic

3- If the price of a product increases by 5% and the quantity of demand for it decreases by 2%, the price elasticity of demand for the product is:

• 2.50
• 4.00
• 0.25
• 0.40

4- If the price of a product decreases by 25% and the quantity supplied decreases by 3%, the price elasticity of the product's supply is:

• 1,200
• 0.120
• 8,330
• 0.833

5- The price elasticity of demand for table salt is:

• Elastic
• Inelastic
• Perfectly inelastic
• Unitary

6- The price elasticity of demand for travel abroad is:

• Elastic
• Unitary
• Perfectly inelastic
• Inelastic

7- The sum of the surpluses of each of the different producers represents the surplus of _________________.

• total market
• supply market of a group of producers
• supply market
• total market of a producer group

8- The consumer's monetary income should be allocated in such a way that every last dollar spent on each product purchased provides the most __________________________.

• low amount of marginal utility per dollar
• high amount of marginal utility per dollar
• low amount of total profit per dollar
• high amount of total profit per dollar

9- Marginal utility is ______________________________.

• the decrease in total profit
• the increase in profit per dollar
• the line of the new total utility minus the previous total utility
• the increase in total profit

10- The price of a good, plus the opportunity cost of producing it, is the producer surplus.

• False
• True

11- What is true for the individual or part of a group must be true for the whole, this is what establishes the fallacy of composition.

• True
• False

12- The ability to get more by improving the quality of resources and technological progress is economic growth.

• False
• True

13- The higher the price of a good relative to people's budget, the higher the elasticity of demand for that product.

• True
• False

14- Travel abroad and excursions are examples of elastic products.

• False
• True

15- Most of the products with alcoholic beverages have a unit elasticity

• False
• True

16- When the percent change in quantity demanded exceeds the percent change in price, it is a __________________ demand.

• constant
• elastic
• inelastic
• perfectly elastic

17- When the percent change in quantity demanded is less than the percent change in price, it is a _________________ demand.

• elastic
• constant
• perfectly elastic
• inelastic

18- A decrease in expectations regarding the costs of the factors of production shifts the curve of ___________________.

• offer right
• offer left
• demand left
• demand right

19- If the price of a product increases by 6% and the quantity supplied increases by 10%, the price elasticity of supply of the product is:

• 0.060
• 0.600
• 1,670
• 0.167

20- If the price of a product increases by 20% and the quantity of demand for it decreases by 2%, the price elasticity of demand for the product is:

• 10.0
• 0.10
• 1.00
• 0.01