61.Assuming elasticity is reported in absolute value, an elastic demand has a measured elasticity:
A. greater than one.
B. less than one.
C. of exactly one.
D. greater than zero and less than one.
62.Assuming elasticity is reported in absolute value, an inelastic demand has a measured elasticity:
A. of greater than zero.
B. of greater than one.
C. of less than one.
D. of exactly one.
63.Assuming elasticity is reported in absolute value, a measured price elasticity of demand of 1.2 would indicate:
A. an elastic demand, meaning the percentage change in quantity demanded will be greater than the percentage change in price.
B. an inelastic demand, meaning the percentage change in quantity demanded will be greater than the percentage change in price.
C. an elastic demand, meaning the percentage change in quantity demanded will be less than the percentage change in price.
D. an inelastic demand, meaning the percentage change in quantity demanded will be less than the percentage change in price.
64.Assuming elasticity is reported in absolute value, a measured price elasticity of demand of 0.4 would indicate:
A. an elastic demand, meaning the percentage change in quantity demanded will be greater than the percentage change in price.
B. an inelastic demand, meaning the percentage change in quantity demanded will be greater than the percentage change in price.
C. an elastic demand, meaning the percentage change in quantity demanded will be less than the percentage change in price.
D. an inelastic demand, meaning the percentage change in quantity demanded will be less than the percentage change in price.
65.Assuming elasticity is reported in absolute value, a measured elasticity of greater than one implies:
A. the good is elastic.
B. the good is inelastic.
C. the good is unitary elastic.
D. Cannot be determined without more information.
66.Assuming elasticity is reported in absolute value, a measured elasticity of less than one implies:
A. the good is elastic.
B. the good is inelastic.
C. the good is unitary elastic.
D. Cannot be determined without more information.
67.In general, the more elastic a demand curve is:
A. the flatter it will be.
B. the steeper it will be.
C. the more bowed-in it will be.
D. the faster it will shift when price changes.
68.Assuming elasticity is reported in absolute value, a measured elasticity of one implies:
A. the percentage change in quantity demanded will exactly equal the percentage change in price.
B. the percentage change in quantity demanded will always exactly equal one.
C. both the percentage change in price and quantity demanded exactly equal one.
D. None of these is true.
69.Assuming elasticity is reported in absolute value, a unit elastic good:
A. has a measured elasticity of greater than zero.
B. has a measured elasticity of greater than one.
C. has a measured elasticity of less than one.
D. has a measured elasticity of exactly one.
70.A good whose demand is unitary elastic refers to:
A. one in which the absolute value of the percentage change in the quantity demanded exactly equals the absolute value of the corresponding percentage change in price.
B. one in which the absolute value of the percentage change in quantity exactly equals one.
C. one in which the absolute value of the percentage change in price exactly equals one.
D. one in which both the absolute value of the percentage change in quantity demanded and the absolute value of the corresponding percentage change in price equals one.
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