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If a product is an inferior good, then its income elasticity of demand is
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2024-06-21 10:39:12
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相关试题
1.
For Product X, the income elasticity of demand is -2.56. Which of the following is therefore true? A: Product X is a necessity. B: Product X is a luxury. C: Product X is an inferior good. D: Product X is a normal good.
2.
For Product X, the income elasticity of demand is -2.56. Which of the following is therefore true? 选项: A、Product X is a necessity. B、 Product X is a luxury. C、 Product X is an inferior good. D、 Product X is a normal good.
3.
To determine whether a good is considered normal or inferior, one could examine the value of theA.income elasticity of demand for that good.B.price elasticity of demand for that good.C.price elasticity of supply for that good.D.cross-price elasticity of demand for that good.
4.
Suppose good X has a negative income elasticity of demand. This implies that good X is_________. A: a necessity B: an inferior good C: a normal good D: a luxury
5.
If an increase in income results in a decrease in the quantity demanded of a good, then for that good, the _________ 选项: A、 income elasticity of demand is negative B、 cross-price elasticity of demand is negative C、 price elasticity of demand is elastic D、 income elasticity of demand is positive
6.
Suppose good X has a negative income elasticity of demand. This implies that good X is_________. 选项: A、 a necessity B、 an inferior good C、 a normal good D、 a luxury
7.
An inferior good is a product: 选项: A: for which demand increases as income increases. B: for which there is no demand. C: for which demand decreases as income increases. D: that has an upward sloping demand curve.
8.
For Susie, a 7 percent increase in income results in a percent increase in the quantity demanded of pizza. For Susie, the income elasticity of demand for pizza is_________. 选项: A、negative, and pizza is a inferior good B、positive, and pizza is a normal good C、positive, and pizza is an inferior good D、negative, and pizza is an normal good
9.
The percent change in demand for a good divided by the percent change in the price of another good is known as the: 选项: A: price elasticity of demand. B: cross price elasticity of demand. C: income elasticity of demand.
10.
The percent change in demand for a good divided by the percent change in the price of another good is known as the: A. cross price elasticity of demand. B. income elasticity of demand. C. price elasticity of demand.
11.
The responsiveness of the quantity demanded of one good to a change in the price of a different good is measured by the:A.price elasticity of demand.B.price elasticity of supply.C.cross-price elasticity of demand.D.income elasticity of demand.
12.
For Susie, a 7 percent increase in income results in a 12 percent increase in the quantity demanded of pizza. For Susie, the income elasticity of demand for pizza is__.A.negative, and pizza is a inferior goodB.positive, and pizza is a normal goodC.positive, and pizza is an inferior goodD.negative, and pizza is an normal good
13.
Suppose good X has a negative income elasticity of demand. This implies that good X is_________.
14.
BMW (Bayerische Motoren Werk) charges a considerably higher price for its automobiles in the North American market than it does in its home market of Europe. Assuming that the goal of BMW's pricing policy is profit maximization, which of the following would be a plausible explanation for BMW's pricing policy?选项: A:The income elasticity of demand in North America must be greater than 1, making BMWs a luxury good in North America; and between 0 and 1 in Europe, making BMWs a normal good. B:The income elasticity of demand in North America must be between 0 and 1, making BMWs a normal good in North America; and between and less than 1 in Europe, making BMWs an inferior good. C:The price elasticity of demand in North America must be greater than 1, making demand for BMWs price elastic in North America; and between 0 and 1 in Europe, making demand for BMWs price inelastic. D:The price elasticity of demand is greater than 1 in both North America and Europe, making BMWs price elastic; but must be higher in Europe.
15.
If the demand curve for a good is a downward sloping straight line, the demand for the good will be more price elastic the higher is theA.price of the good.B.price of complements.C.income of consumers.D.income elasticity of demand for that good.
16.
If the demand curve for a good is a downward sloping straight line, the demand for the good will be more price elastic the higher is theA.price of the good.B.price of complements.C.income of consumers.D.income elasticity of demand for that good.
17.
Bus rides and canned soup are inferior goods, so the ________ elasticity of demand is ________. 选项: A、 cross; positive B、 income; positive C、 income; negative D、 cross; negative
18.
Producers' total revenue will decrease if A: income increases and the good is a normal good. B: the price rises and demand is elastic. C: the price rises and demand is inelastic. D: income falls and the good is an inferior good.
19.
Producers' total revenue will decrease if 选项: A、 income increases and the good is a normal good. B、 the price rises and demand is elastic. C、 the price rises and demand is inelastic. D、 income falls and the good is an inferior good.
20.
A government seeking to raise revenue would be most likely to tax a good with a ( )选项: A: high income elasticity of demand.; B:low cross-price demand elasticity.; C:high price elasticity of demand.; D: low price elasticity of demand.
21.
Suppose the demand curve for a product is given by Q=10-2P+Ps, where P is the price of the product and Ps is the price of a substitute good. The price of the substitute good is $2.Suppose P=$1. What is the price elasticity of demand? What is the cross-price elasticity of demand?
22.
For an inferior good, if the price of the good falls in comparison to a normal good, the: 选项: A: Income effect will reinforce the substitution effect leading to a larger increase in demand. B: Income effect will offset the substitution effect leading to a smaller increase in demand. C: Income effect will reinforce the substitution effect leading to a larger decrease in demand.
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