Issues in Economics Today Robert Guell 8th Edition- Test Bank

 

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Sample Test

Chapter 03

 

Multiple Choice

 

 

 

  • In Figure 3.1, if demand is considered perfectly elastic, then the appropriate figure is?

 

1.   Figure 1

2.   Figure 2

3.   Figure 3

4.   Figure 4

 

Answer: A

Learning Objective: 03-02

Topic: Alternative Ways to Understand Elasticity

Blooms: Apply

AACSB: Knowledge ApplicationBlooms: Apply

AACSB: Knowledge Application

Difficulty: 2 Medium

 

 

 

  • In Figure 3.1, if demand is considered perfectly inelastic, then the appropriate figure is?

1.   Figure 1

2.   Figure 2

3.   Figure 3

4.   Figure 4

 

Answer: B

Learning Objective: 03-02

Topic: Alternative Ways to Understand Elasticity

Blooms: Apply

AACSB: Knowledge ApplicationBlooms: Apply

AACSB: Knowledge Application

Difficulty: 2 Medium

 

 

 

  • At point A of Figure 3 within Figure 3.1, demand is

 

1.    

2.    

3.   perfectly inelastic.

4.   perfectly elastic.

 

Answer: A

Learning Objective: 03-02

Topic: Alternative Ways to Understand Elasticity

Blooms: Apply

AACSB: Knowledge ApplicationBlooms: Apply

AACSB: Knowledge Application

Difficulty: 2 Medium

 

 

 

  • At point B of Figure 4 within Figure 3.1, demand is

 

1.    

2.    

3.   perfectly inelastic.

4.   perfectly elastic.

 

Answer: B

Learning Objective: 03-02

Topic: Alternative Ways to Understand Elasticity

Blooms: Apply

AACSB: Knowledge ApplicationBlooms: Apply

AACSB: Knowledge Application

Difficulty: 2 Medium

 

 

 

  • The elasticity of demand is related to the slope of the demand curve

1.   and only the slope of the demand curve.

2.   but also the (price, quantity) position on the demand curve.

3.   but also the slope of the supply curve.

4.   and whether the good is normal or inferior.

 

Answer: B

Learning Objective: 03-01

Topic: Elasticity of Demand

Blooms: Understand

AACSB: Analytical Thinking

Difficulty: 1 Easy

 

 

 

  • Because the demand curve is downward sloping, the elasticity of demand is

1.    

2.   negative (however, the negative sign is assumed and therefore ignored).

3.    

4.   decreases from positive to negative.

 

Answer: B

Learning Objective: 03-01

Topic: Elasticity of Demand

Blooms: Understand

AACSB: Analytical Thinking

Difficulty: 1 Easy

 

 

 

  • When there is a decrease in the price of a good

1.   the demand curve will shift to the right.

2.   the demand curve will shift to the left.

3.   the elasticity of demand will determine the degree to which quantity demanded rises.

4.   the elasticity of demand will determine the degree to which quantity demanded falls.

 

Answer: D

Learning Objective: 03-01

Topic: Elasticity of Demand

Blooms: Understand

AACSB: Analytical Thinking

Difficulty: 1 Easy

 

 

 

  • When there is an increase in the price of a good

1.   the demand curve will shift to the right.

2.   the demand curve will shift to the left.

3.   the elasticity of demand will determine the degree to which quantity demanded rises.

4.   the elasticity of demand will determine the degree to which quantity demanded falls.

 

Answer: C

Learning Objective: 03-01

Topic: Elasticity of Demand

Blooms: Understand

AACSB: Analytical Thinking

Difficulty: 1 Easy

 

 

 

 

  • The formula for elasticity of demand (in words) is

1.   the change in price divided by the change in quantity.

2.   the percentage change in price divided by the percentage change in quantity.

3.   the change in quantity divided by the change in price.

4.   the percentage change in quantity divided by the percentage change in price.

 

Answer: D

Learning Objective: 03-01

Topic: Elasticity of Demand

Blooms: Remember

AACSB: Analytical Thinking

Difficulty: 1 Easy

 

 

 

  • If the price of a good increases by 10% and the quantity demanded decreases by 5%, then at that price, the good is

1.    

2.    

3.   perfectly inelastic.

4.   perfectly elastic.

 

Answer: B

Learning Objective: 03-01

Topic: Elasticity of Demand

Blooms: Evaluate

AACSB: Analytical Thinking

Difficulty: 3 Hard

 

 

 

  • If the price of a good increases by 5% and the quantity demanded decreases by 10%, then at that price, the good is

1.    

2.    

3.   perfectly inelastic.

4.   perfectly elastic.

 

Answer: A

Learning Objective: 03-01

Topic: Elasticity of Demand

Blooms: Evaluate

AACSB: Analytical Thinking

Difficulty: 3 Hard

 

 

  • If the price of a good decreases by 10% and the quantity demanded increases by 5%, then at that price, the good is

1.    

2.    

3.   perfectly inelastic.

4.   perfectly elastic.

 

Answer: B

Learning Objective: 03-01

Topic: Elasticity of Demand

Blooms: Evaluate

AACSB: Analytical Thinking

Difficulty: 3 Hard

 

 

  • If the price of a good decreases by 5% and the quantity demanded increases by 10%, then at that price, the good is

1.    

2.    

3.   perfectly inelastic.

4.   perfectly elastic.

 

Answer: A

Learning Objective: 03-01

Topic: Elasticity of Demand

Blooms: Evaluate

AACSB: Analytical Thinking

Difficulty: 3 Hard

 

 

  • If the price of a good increases by 10% and the quantity demanded decreases by 10%, then at that price, the good is

1.    

2.    

3.   perfectly inelastic.

4.   unit elastic.

 

Answer: D

Learning Objective: 03-01

Topic: Elasticity of Demand

Blooms: Evaluate

AACSB: Analytical Thinking

Difficulty: 3 Hard

 

 

 

  • If the price of a good increases by 5% and the quantity demanded decreases by 5%, then at that price, the good is

1.    

2.    

3.   perfectly inelastic.

4.   unit elastic.

 

Answer: D

Learning Objective: 03-01

Topic: Elasticity of Demand

Blooms: Evaluate

AACSB: Analytical Thinking

Difficulty: 3 Hard

 

 

 

  • If the price of a good decreases by 10% and the quantity demanded increases by 10%, then at that price, the good is

1.    

2.    

3.   perfectly inelastic.

4.   unit elastic.

 

Answer: D

Learning Objective: 03-01

Topic: Elasticity of Demand

Blooms: Evaluate

AACSB: Analytical Thinking

Difficulty: 3 Hard

 

 

 

  • If the price of a good decreases by 5% and the quantity demanded increases by 5%, then at that price, the good is

1.    

2.    

3.   perfectly inelastic.

4.   unit elastic.

 

Answer: D

Learning Objective: 03-01

Topic: Elasticity of Demand

Blooms: Evaluate

AACSB: Analytical Thinking

Difficulty: 3 Hard

 

 

 

  • If the price of a good increases by 10% and the quantity demanded remains unchanged, then at that price, the good is

1.    

2.    

3.   perfectly inelastic.

4.   perfectly elastic.

 

Answer: C

Learning Objective: 03-01

Topic: Elasticity of Demand

Blooms: Evaluate

AACSB: Analytical Thinking

Difficulty: 3 Hard

 

 

 

  • If the price of a good increases by 5% and the quantity demanded remains unchanged, then at that price, the good is

1.    

2.    

3.   perfectly inelastic.

4.   perfectly elastic.

 

Answer: C

Learning Objective: 03-01

Topic: Elasticity of Demand

Blooms: Evaluate

AACSB: Analytical Thinking

Difficulty: 3 Hard

 

 

 

  • If the price of a good decreases by 10% and the quantity demanded remains unchanged, then at that price, the good is

1.    

2.    

3.   perfectly inelastic.

4.   perfectly elastic.

 

Answer: C

Learning Objective: 03-01

Topic: Elasticity of Demand

Blooms: Evaluate

AACSB: Analytical Thinking

Difficulty: 3 Hard

 

 

 

  • If the price of a good decreases by 5% and the quantity demanded remains unchanged, then at that price, the good is

1.    

2.    

3.   perfectly inelastic.

4.   perfectly elastic.

 

Answer: C

Learning Objective: 03-01

Topic: Elasticity of Demand

Blooms: Evaluate

AACSB: Analytical Thinking

Difficulty: 3 Hard

 

 

 

  • If the price of a good increases by one thousandth of 1% and the quantity demanded goes to zero, then at that price, the good is

1.   non-responsive.

2.    

3.   perfectly inelastic.

4.   perfectly elastic.

 

Answer: D

Learning Objective: 03-01

Topic: Elasticity of Demand

Blooms: Evaluate

AACSB: Analytical Thinking

Difficulty: 3 Hard

 

 

 

  • Which of the following is true?

1.   on a linear demand curve, the higher the price the more elastic is demand

2.   on a linear demand curve, elasticity is constant

3.   at the same price demand is more elastic on the steeper demand curve

4.   none are true

 

Answer: A

Learning Objective: 03-02

Topic: Alternative Ways to Understand Elasticity

Blooms: Apply

AACSB: Knowledge ApplicationBlooms: Apply

AACSB: Knowledge Application

Difficulty: 2 Medium

 

 

  • Which of the following is true?

1.   on a linear demand curve, the higher the price the less elastic is demand

2.   on a linear demand curve, elasticity is constant

3.   at the same price demand is more elastic on the steeper demand curve

4.   none are true

 

Answer: D

Learning Objective: 03-02

Topic: Alternative Ways to Understand Elasticity

Blooms: Apply

AACSB: Knowledge ApplicationBlooms: Apply

AACSB: Knowledge Application

Difficulty: 2 Medium

 

 

 

  • Which of the following is true?

1.   on a linear demand curve, the higher the price the less elastic is demand

2.   on a linear demand curve, elasticity is constant

3.   at the same price demand is less elastic on the steeper demand curve

4.   all are true

 

Answer: C

Learning Objective: 03-02

Topic: Alternative Ways to Understand Elasticity

Blooms: Apply

AACSB: Knowledge ApplicationBlooms: Apply

AACSB: Knowledge Application

Difficulty: 2 Medium

 

 

 

  • Which of the following is true?

1.   on a linear demand curve, the higher the price the less elastic is demand

2.   on a linear demand curve, elasticity is not constant

3.   at the same price demand is more elastic on the steeper demand curve

4.   none are true

 

Answer: B

Learning Objective: 03-02

Topic: Alternative Ways to Understand Elasticity

Blooms: Apply

AACSB: Knowledge ApplicationBlooms: Apply

AACSB: Knowledge Application

Difficulty: 2 Medium

 

 

 

  • The total revenue/expenditure rule of elasticity suggests that when price and total revenue go

1.   in opposite directions, demand is elastic.

2.   in same direction, demand is elastic.

3.   in opposite directions, demand is inelastic.

4.   to infinity, demand is perfectly inelastic.

 

Answer: A

Learning Objective: 03-01

Topic: Alternative Ways to Understand Elasticity

Blooms: Apply

AACSB: Knowledge ApplicationBlooms: Apply

AACSB: Knowledge Application

Difficulty: 2 Medium

 

 

 

  • If the price of a good rises by 10% and the percentage increase in the total amount consumers spend on the good is 10% then the good is

1.    

2.    

3.   unit elastic.

4.   perfectly inelastic.

 

Answer: B

Learning Objective: 03-01

Topic: More on Elasticity

Blooms: Evaluate

AACSB: Analytical Thinking

Difficulty: 3 Hard

 

 

 

  • If the price of a good rises by 10% and the percentage increase in the total amount consumers spend on the good is 15% then the good is

1.    

2.    

3.   unit elastic.

4.   perfectly inelastic.

 

Answer: B

Learning Objective: 03-01

Topic: More on Elasticity

Blooms: Evaluate

AACSB: Analytical Thinking

Difficulty: 3 Hard

 

 

 

  • If the price of a good rises by 10% and the percentage increase in the total amount consumers spend on the good is 5% then the good is

1.    

2.    

3.   unit elastic.

4.   perfectly inelastic.

 

Answer: B

Learning Objective: 03-01

Topic: More on Elasticity

Blooms: Evaluate

AACSB: Analytical Thinking

Difficulty: 3 Hard

 

 

 

  • If the price of a good rises by 10% and the percentage decrease in the total amount consumers spend on the good is 5% then the good is

1.    

2.    

3.   unit elastic.

4.   perfectly inelastic.

 

Answer: A

Learning Objective: 03-01

Topic: More on Elasticity

Blooms: Evaluate

AACSB: Analytical Thinking

Difficulty: 3 Hard

 

 

 

  • If the price of a good rises by 10% and the percentage decrease in the total amount consumers spend on the good is 10% then the good is

1.    

2.    

3.   unit elastic.

4.   perfectly inelastic.

 

Answer: A

Learning Objective: 03-01

Topic: More on Elasticity

Blooms: Evaluate

AACSB: Analytical Thinking

Difficulty: 3 Hard

 

 

 

  • If the price of a good rises by 10% and the percentage decrease in the total amount consumers spend on the good is 15% then the good is

1.    

2.    

3.   unit elastic.

4.   perfectly inelastic.

 

Answer: A

Learning Objective: 03-01

Topic: More on Elasticity

Blooms: Evaluate

AACSB: Analytical Thinking

Difficulty: 3 Hard

 

 

 

  • If the price of a good rises by 10% and the total amount consumers spend on the good remains the same then the good is

1.    

2.    

3.   unit elastic.

4.   perfectly inelastic.

 

Answer: C

Learning Objective: 03-01

Topic: More on Elasticity

Blooms: Evaluate

AACSB: Analytical Thinking

Difficulty: 3 Hard

 

 

 

  • If the price of a good falls by 10% and the percentage increase in the total amount consumers spend on the good is 10% then the good is

1.    

2.    

3.   unit elastic.

4.   perfectly inelastic.

 

Answer: A

Learning Objective: 03-01

Topic: More on Elasticity

Blooms: Evaluate

AACSB: Analytical Thinking

Difficulty: 3 Hard

 

 

 

  • If the price of a good falls by 10% and the percentage increase in the total amount consumers spend on the good is 15% then the good is

1.    

2.    

3.   unit elastic.

4.   perfectly inelastic.

 

Answer: A

Learning Objective: 03-01

Topic: More on Elasticity

Blooms: Evaluate

AACSB: Analytical Thinking

Difficulty: 3 Hard

 

 

  • If the price of a good falls by 10% and the percentage increase in the total amount consumers spend on the good is 5% then the good is

1.    

2.    

3.   unit elastic.

4.   perfectly inelastic.

 

Answer: A

Learning Objective: 03-01

Topic: More on Elasticity

Blooms: Evaluate

AACSB: Analytical Thinking

Difficulty: 3 Hard

 

 

 

  • If the price of a good falls by 10% and the percentage decrease in the total amount consumers spend on the good is 5% then the good is

1.    

2.    

3.   unit elastic.

4.   perfectly inelastic.

 

Answer: B

Learning Objective: 03-01

Topic: More on Elasticity

Blooms: Evaluate

AACSB: Analytical Thinking

Difficulty: 3 Hard

 

 

 

  • If the price of a good falls by 10% and the percentage decrease in the total amount consumers spend on the good is 10% then the good is

1.    

2.    

3.   unit elastic.

4.   perfectly inelastic.

 

Answer: B

Learning Objective: 03-01

Topic: More on Elasticity

Blooms: Evaluate

AACSB: Analytical Thinking

Difficulty: 3 Hard

 

 

  • If the price of a good falls by 10% and the percentage decrease in the total amount consumers spend on the good is 15% then the good is

1.    

2.    

3.   unit elastic.

4.   perfectly inelastic.

 

Answer: B

Learning Objective: 03-01

Topic: More on Elasticity

Blooms: Evaluate

AACSB: Analytical Thinking

Difficulty: 3 Hard

 

 

  • If the price of a good falls by 10% and the total amount consumers spend on the good remains the same then the good is

1.   Elastic

2.   Inelastic

3.   Unit elastic

4.   Perfectly inelastic

 

Answer: C

Learning Objective: 03-01

Topic: More on Elasticity

Blooms: Evaluate

AACSB: Analytical Thinking

Difficulty: 3 Hard

 

 

  • If the price rises and the total amount consumers spend on the good rises, then demand must be

1.    

2.    

3.   perfectly inelastic.

4.   perfectly elastic.

 

Answer: B

Learning Objective: 03-01

Topic: More on Elasticity

Blooms: Remember

AACSB: Analytical Thinking

Difficulty: 1 Easy

 

 

 

  • If the price rises and the total amount consumers spend on the good falls, then demand must be

1.    

2.    

3.   perfectly inelastic.

4.   perfectly elastic.

 

Answer: A

Learning Objective: 03-01

Topic: More on Elasticity

Blooms: Remember

AACSB: Analytical Thinking

Difficulty: 1 Easy

 

 

 

  • If the price rises and the total amount consumers spend on the good falls to zero, then demand must be

1.    

2.    

3.   perfectly inelastic.

4.   perfectly elastic.

 

Answer: D

Learning Objective: 03-01

Topic: More on Elasticity

Blooms: Remember

AACSB: Analytical Thinking

Difficulty: 1 Easy

 

 

 

  • If the price falls and the total amount consumers spend on the good rises, then demand must be

1.    

2.    

3.   perfectly inelastic.

4.   perfectly elastic.

 

Answer: A

Learning Objective: 03-01

Topic: More on Elasticity

Blooms: Remember

AACSB: Analytical Thinking

Difficulty: 1 Easy

 

 

  • If the price falls and the total amount consumers spend on the good falls, then demand must be

1.    

2.    

3.   perfectly inelastic.

4.   perfectly elastic

 

Answer: B

Learning Objective: 03-01

Topic: More on Elasticity

Blooms: Remember

AACSB: Analytical Thinking

Difficulty: 1 Easy

 

 

  • If the price rises and the total amount consumers spend on the good remains unchanged, then demand must be

1.    

2.    

3.   perfectly inelastic.

4.   unit elastic

 

Answer: D

Learning Objective: 03-01

Topic: More on Elasticity

Blooms: Remember

AACSB: Analytical Thinking

Difficulty: 1 Easy

 

 

  • If the price falls and the total amount consumers spend on the good remains unchanged, then demand must be

1.    

2.    

3.   perfectly inelastic.

4.   unit elastic.

 

Answer: D

Learning Objective: 03-01

Topic: More on Elasticity

Blooms: Evaluate

AACSB: Analytical Thinking

Difficulty: 3 Hard

 

 

 

  • Suppose a firm can not figure out whether the demand for the good it sells is elastic or inelastic but discovers that every time it raises its price, its total revenue declines. Their

1.   demand is unit elastic.

2.   demand is inelastic.

3.   demand is elastic.

4.   demand is perfectly inelastic.

 

Answer: C

Learning Objective: 03-01

Topic: More on Elasticity

Blooms: Evaluate

AACSB: Analytical Thinking

Difficulty: 3 Hard

 

 

 

  • Suppose you observe that minor changes in supply seem to cause dramatic changes in price with only slight changes in the amount sold, you would conclude that

1.   demand is unit elastic.

2.   demand is inelastic.

3.   demand is elastic.

4.   demand is perfectly inelastic.

 

Answer: B

Learning Objective: 03-01

Topic: More on Elasticity

Blooms: Evaluate

AACSB: Analytical Thinking

Difficulty: 3 Hard

 

 

 

  • For a given increase in supply, the condition of demand that will result in the most significant change in price is when demand is

1.    

2.    

3.   perfectly elastic.

4.   perfectly inelastic.

 

Answer: D

Learning Objective: 03-01

Topic: More on Elasticity

Blooms: Evaluate

AACSB: Analytical Thinking

Difficulty: 3 Hard

 

 

 

  • For a given decrease in supply, the condition of demand that will result in the most significant change in price is when demand is

1.    

2.    

3.   perfectly elastic.

4.   perfectly inelastic.

 

Answer: A

Learning Objective: 03-01

Topic: More on Elasticity

Blooms: Evaluate

AACSB: Analytical Thinking

Difficulty: 3 Hard

 

 

 

  • For a given increase in supply, the condition of demand that will result in no change in price is when demand is

1.    

2.    

3.   perfectly elastic.

4.   perfectly inelastic.

 

Answer: C

Learning Objective: 03-01

Topic: More on Elasticity

Blooms: Evaluate

AACSB: Analytical Thinking

Difficulty: 3 Hard

 

 

 

  • For a given decrease in supply, the condition of demand that will result in no change in price is when demand is

1.    

2.    

3.   perfectly elastic.

4.   perfectly inelastic.

 

Answer: C

Learning Objective: 03-01

Topic: More on Elasticity

Blooms: Evaluate

AACSB: Analytical Thinking

Difficulty: 3 Hard

 

 

 

  • For a given increase in supply, the condition of demand that will result in the most significant change in quantity is when demand is

1.    

2.    

3.   perfectly elastic.

4.   perfectly inelastic.

 

Answer: C

Learning Objective: 03-01

Topic: More on Elasticity

Blooms: Evaluate

AACSB: Analytical Thinking

Difficulty: 3 Hard

 

 

 

  • For a given decrease in supply, the condition of demand that will result in the most significant change in quantity is when demand is

1.    

2.    

3.   perfectly elastic.

4.   perfectly inelastic.

 

Answer: C

Learning Objective: 03-01

Topic: More on Elasticity

Blooms: Evaluate

AACSB: Analytical Thinking

Difficulty: 3 Hard

 

 

 

  • For a given increase in supply, the condition of demand that will result in no change in quantity is when demand is

1.    

2.    

3.   perfectly elastic.

4.   perfectly inelastic.

 

Answer: D

Learning Objective: 03-01

Topic: More on Elasticity

Blooms: Evaluate

AACSB: Analytical Thinking

Difficulty: 3 Hard

 

 

 

  • For a given decrease in supply, the condition of demand that will result in no change in quantity is when demand is

1.    

2.    

3.   perfectly elastic.

4.   perfectly inelastic.

 

Answer: D

Learning Objective: 03-01

Topic: More on Elasticity

Blooms: Evaluate

AACSB: Analytical Thinking

Difficulty: 3 Hard

 

 

 

  • An increase in demand will increase prices most when supply is

1.    

2.   unit elastic.

3.   inelastic (but not perfectly inelastic).

4.   perfectly inelastic.

 

Answer: D

Learning Objective: 03-01

Topic: More on Elasticity

Blooms: Evaluate

AACSB: Analytical Thinking

Difficulty: 3 Hard

 

 

 

  • An increase in demand will increase prices least when supply is

1.    

2.   unit elastic.

3.   inelastic (but not perfectly inelastic).

4.   perfectly inelastic.

 

Answer: A

Learning Objective: 03-01

Topic: More on Elasticity

Blooms: Evaluate

AACSB: Analytical Thinking

Difficulty: 3 Hard

 

 

 

  • A decrease in demand will decrease prices most when supply is

1.    

2.   unit elastic.

3.   inelastic (but not perfectly inelastic).

4.   perfectly inelastic.

 

Answer: D

Learning Objective: 03-01

Topic: More on Elasticity

Blooms: Evaluate

AACSB: Analytical Thinking

Difficulty: 3 Hard

 

 

 

  • A decrease in demand will decrease prices least when supply is

1.    

2.   unit elastic.

3.   inelastic (but not perfectly inelastic).

4.   perfectly inelastic.

 

Answer: A

Learning Objective: 03-01

Topic: More on Elasticity

Blooms: Evaluate

AACSB: Analytical Thinking

Difficulty: 3 Hard

 

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