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Midterm Exam

Midterm Exam
41問 • 11ヶ月前
  • Ella Mae Hilot
    • 通報

    問題一覧

  • 1

    It is a measure used in response to changes in the determinants of demand and supply.

    Elasticity

  • 2

    A measure used in determining the percentage change in quantity against the percentage change in price.

    Price Elasticity

  • 3

    A measure used in determining the percentage change in quantity compared to the percentage change in income.

    Income Elasticity

  • 4

    A measure used in determining the percentage change in quantity of one good compared to the percentage change in the price of related goods.

    Cross Elasticity

  • 5

    refers to the degree of reaction or response of the buyers to changes in price of goods and services.

    Price Elasticity of Demand

  • 6

    Buyers tend to reduce their purchases as price increases and tend to increase their purchases as price falls. These are logical reactions to price changes. However, such reactions vary in accordance with the nature of the products and the particular needs of the buyers.

    Price Elasticity of Demand

  • 7

    Percentage change in price leads to a proportionately greater percentage change in quantity demanded.

    Elastic

  • 8

    This means that one percent change in price calls for more than one percent change in quantity demanded.

    Elastic

  • 9

    The elasticity coefficient is more than 1.

    Elastic

  • 10

    percentage change in price results in a proportionately lesser change in quantity demanded.

    Inelastic

  • 11

    The coefficient of elasticity is less than 1.

    Inelastic

  • 12

    when a percentage change in price leads to a proportionately equal percentage change in quantity demanded.

    Unitary

  • 13

    The coefficient of elasticity is equal to 1.

    Unitary

  • 14

    when demand is totally responsive to changes in price.

    Perfectly Elastic

  • 15

    It represents that quantity demanded can be of any amount at a given price.

    Perfectly Inelastic

  • 16

    quantity demanded totally does not respond to any changes in price.

    Perfectly Inelastic

  • 17

    The demand for a product or service is affected not only by its price but also by other factors like consumer’s income.

    Income Elasticity of Demand

  • 18

    refers to the determination of the responsiveness of demand to a change in consumer income.

    Income Elasticity of Demand

  • 19

    refers to the responsiveness of the quantity demanded of a particular good to changes in the price of another good.

    Cross Elasticity of Demand

  • 20

    It is measured by computing for the percentage change in the quantity demanded of the first good and dividing it by the percentage change in the price of the second good.

    Cross Elasticity of Demand

  • 21

    If cross elasticity is positive, the goods are?

    Substitutes

  • 22

    If cross elasticity is negative, the goods are?

    Complements

  • 23

    Determinants of Demand Elasticity:

    The importance or degree of necessity of the goods., Number of available substitutes., The proportion of income in price changes., The time period.

  • 24

    The more essential or necessary the goods or services, the more ____ the demand

    Inelastic

  • 25

    goods and services that are not very important tend to have an _____ demand.

    Elastic

  • 26

    response of quantity offered for sale for every change in price.

    Price Elasticity of Supply

  • 27

    A change in price leads to a greater change in quantity supplied.

    Elastic Supply

  • 28

    This only shows that suppliers are sensitive at any change in price.

    Elastic Supply

  • 29

    Goods that can be produced immediately by manufacturing firms are of this type of elasticity.

    Elastic Supply

  • 30

    A change in price leads to a lesser change in quantity supplied.

    Inelastic Supply

  • 31

    This manifests that suppliers are weak in response to any price changes.

    Inelastic Supply

  • 32

    This type of elasticity is very common to agricultural products which take time to be produced.

    Inelastic Supply

  • 33

    A change in price leads to an equal change in quantity supplied.

    Unitary Elastic Supply

  • 34

    This occurs when there is no change in price, and there is an infinite change in quantity supplied.

    Perfectly Elastic Supply

  • 35

    This displays an indefinitely large quantity response even without change in the price.

    Perfectly Elastic Supply

  • 36

    This happens when a change in price has no effect on quantity supplied.

    Perfectly Inelastic Supply

  • 37

    This is very common to a fixed input in production particularly land.

    Perfectly Inelastic Supply

  • 38

    Determinants of Price Elasticity of Supply (Time Period of Supply)

    Monetary or Intermediate, Long-run, Short-run

  • 39

    In this period, supply will be perfectly inelastic and the supply is fixed.

    Monetary or Intermediate

  • 40

    In this state, supply is inelastic. The output of production can increase even if equipment is fixed.

    Short-run

  • 41

    In this period, supply is elastic. New firms are expected to enter or the old one

    Long-run

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    問題一覧

  • 1

    It is a measure used in response to changes in the determinants of demand and supply.

    Elasticity

  • 2

    A measure used in determining the percentage change in quantity against the percentage change in price.

    Price Elasticity

  • 3

    A measure used in determining the percentage change in quantity compared to the percentage change in income.

    Income Elasticity

  • 4

    A measure used in determining the percentage change in quantity of one good compared to the percentage change in the price of related goods.

    Cross Elasticity

  • 5

    refers to the degree of reaction or response of the buyers to changes in price of goods and services.

    Price Elasticity of Demand

  • 6

    Buyers tend to reduce their purchases as price increases and tend to increase their purchases as price falls. These are logical reactions to price changes. However, such reactions vary in accordance with the nature of the products and the particular needs of the buyers.

    Price Elasticity of Demand

  • 7

    Percentage change in price leads to a proportionately greater percentage change in quantity demanded.

    Elastic

  • 8

    This means that one percent change in price calls for more than one percent change in quantity demanded.

    Elastic

  • 9

    The elasticity coefficient is more than 1.

    Elastic

  • 10

    percentage change in price results in a proportionately lesser change in quantity demanded.

    Inelastic

  • 11

    The coefficient of elasticity is less than 1.

    Inelastic

  • 12

    when a percentage change in price leads to a proportionately equal percentage change in quantity demanded.

    Unitary

  • 13

    The coefficient of elasticity is equal to 1.

    Unitary

  • 14

    when demand is totally responsive to changes in price.

    Perfectly Elastic

  • 15

    It represents that quantity demanded can be of any amount at a given price.

    Perfectly Inelastic

  • 16

    quantity demanded totally does not respond to any changes in price.

    Perfectly Inelastic

  • 17

    The demand for a product or service is affected not only by its price but also by other factors like consumer’s income.

    Income Elasticity of Demand

  • 18

    refers to the determination of the responsiveness of demand to a change in consumer income.

    Income Elasticity of Demand

  • 19

    refers to the responsiveness of the quantity demanded of a particular good to changes in the price of another good.

    Cross Elasticity of Demand

  • 20

    It is measured by computing for the percentage change in the quantity demanded of the first good and dividing it by the percentage change in the price of the second good.

    Cross Elasticity of Demand

  • 21

    If cross elasticity is positive, the goods are?

    Substitutes

  • 22

    If cross elasticity is negative, the goods are?

    Complements

  • 23

    Determinants of Demand Elasticity:

    The importance or degree of necessity of the goods., Number of available substitutes., The proportion of income in price changes., The time period.

  • 24

    The more essential or necessary the goods or services, the more ____ the demand

    Inelastic

  • 25

    goods and services that are not very important tend to have an _____ demand.

    Elastic

  • 26

    response of quantity offered for sale for every change in price.

    Price Elasticity of Supply

  • 27

    A change in price leads to a greater change in quantity supplied.

    Elastic Supply

  • 28

    This only shows that suppliers are sensitive at any change in price.

    Elastic Supply

  • 29

    Goods that can be produced immediately by manufacturing firms are of this type of elasticity.

    Elastic Supply

  • 30

    A change in price leads to a lesser change in quantity supplied.

    Inelastic Supply

  • 31

    This manifests that suppliers are weak in response to any price changes.

    Inelastic Supply

  • 32

    This type of elasticity is very common to agricultural products which take time to be produced.

    Inelastic Supply

  • 33

    A change in price leads to an equal change in quantity supplied.

    Unitary Elastic Supply

  • 34

    This occurs when there is no change in price, and there is an infinite change in quantity supplied.

    Perfectly Elastic Supply

  • 35

    This displays an indefinitely large quantity response even without change in the price.

    Perfectly Elastic Supply

  • 36

    This happens when a change in price has no effect on quantity supplied.

    Perfectly Inelastic Supply

  • 37

    This is very common to a fixed input in production particularly land.

    Perfectly Inelastic Supply

  • 38

    Determinants of Price Elasticity of Supply (Time Period of Supply)

    Monetary or Intermediate, Long-run, Short-run

  • 39

    In this period, supply will be perfectly inelastic and the supply is fixed.

    Monetary or Intermediate

  • 40

    In this state, supply is inelastic. The output of production can increase even if equipment is fixed.

    Short-run

  • 41

    In this period, supply is elastic. New firms are expected to enter or the old one

    Long-run