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1、Chapter 04ElasticityMultiple Choice Questions1.Elasticity measures:A.how much a market will respond to a change in market conditions.B.how much consumers and producers will respond to a change in market conditions.C.how quickly consumers and producers will respond to a change in market conditions.D.
2、how quickly a market will respond to a change in market conditions.2.If supply and demand analysis is a measure of how, then elasticity is a measure of:A.how much.B.when.C.why.D.how quickly.3.The concept of elasticity can be applied to:A.changes in demand, but not supply.B.changes in supply, but not
3、 demand.C.changes in both supply and demand.D.neither supply nor demand.4.Different measurements of elasticity include:A.income elasticity of demand, income elasticity of supply.B.price elasticity of demand, price elasticity of supply.C.cross-price elasticity of demand, income elasticity of supply.D
4、.preference elasticity of demand, cross-price elasticity of supply.5.The concept of elasticity can be used to measure responses to a change in:A.the price of a good.B.the price of a related good.C.income.D.All of these are true.6.The most commonly used measures of elasticity are:A.income elasticity
5、of demand and price elasticity of supply.B.price elasticity of demand and price elasticity of supply.C.cross-price elasticity of demand and cross-price elasticity of supply.D.price elasticity of demand and cross-price elasticity of supply.7.Price elasticity of demand describes:A.the size of the perc
6、entage change in the quantity demanded of a good or service when its price changes by one percent.B.the size of the shift in demand of a good or service when its price changes by one percent.C.the size of the percentage change in the quantity supplied of a good or service when its demand changes due
7、 to a price change.D.None of these is true.8.The percentage change in the quantity demanded of a good or service when its price changes by one percent is:A.price elasticity of demand.B.price elasticity of supply.C.cross-price elasticity of demand.D.income elasticity of demand.9.When consumers buying
8、 decisions are highly influenced by price, we say that their demand curve is:A.highly elastic.B.less elastic.C.not very sensitive to changes in the price.D.unit elastic.10.When a small percentage change in price causes a large percentage change in the quantity demanded, we say that they have a:A.hig
9、hly elastic demand.B.highly inelastic demand.C.low magnitude of response.D.high magnitude of response.11.If a good has a highly elastic demand curve, then:A.a small percentage change in price will cause a large change in quantity demanded.B.a small percentage change in price will cause virtually no
10、change in quantity demanded.C.a large percentage change in price will cause a small change in quantity demanded.D.any percentage change in price will cause an almost immediate response in quantity demanded.12.When consumers buying decisions are less sensitive to changes in price, we say that their d
11、emand curve is:A.highly elastic.B.less elastic.C.very sensitive to changes in the price.D.unit elastic.13.When a large percentage change in price causes a small percentage change in the quantity demanded, we say that they have a:A.very elastic demand.B.less elastic demand.C.low magnitude of response
12、.D.high magnitude of response.14.If a good has a less elastic demand curve:A.then a small percentage change in price will cause a large change in quantity demanded.B.then any percentage change in price will take a long time to cause a response in quantity demanded.C.then a large percentage change in
13、 price will cause a small change in quantity demanded.D.then any percentage change in price will cause an almost immediate response in quantity demanded.15.Mathematically, price elasticity of demand is:A.the percentage change in the quantity of a good that is demanded in response to a given percenta
14、ge change in price.B.the percentage change in the price of a good that is demanded in response to a given percentage change in quantity.C.the percentage change in the quantity of a good that is supplied in response to a given percentage change in price.D.the percentage change in the price of a good that is supplied in response to a given percentage change in quantity.16.The calculated price elasticity of demand:A.is always a negative number, although m
