Site MapHelpFeedbackAdvanced Quiz
Advanced Quiz
(See related pages)

1
What 1will happen to the quantity demanded if the price elasticity of demand is 2 and the price increases by 10 percent?
A)It will increase by 10 percent.
B)It will decrease by 10 percent.
C)It will decrease by 20 percent.
D)It will increase by 20 percent.
2
If government puts a $2 excise tax on a product causing the price to rise by $.75, which of the following statements is correct?
A)The sellers pay more of the tax than do the buyers.
B)The buyers pay more of the tax than do the sellers.
C)Government's tax revenue falls.
D)The quantity demanded of the product falls by 37.5 percent.
3
Which of the following circumstances will raise the total revenue of oat farmers?
A)A good harvest, combined with inelastic demand
B)A poor harvest, combined with inelastic demand
C)A poor harvest, combined with elastic demand
D)A good wheat and oat harvest, combined with inelastic demand
E)A poor wheat and oat harvest, combined with elastic demand





To learn more about the book this website supports, please visit its Information Center.
Copyright (c)2015 McGraw-Hill Education .
Any use is subject to the Terms of Use and Privacy Notice | Report Piracy


Principles of MicroeconomicsOnline Learning Center

Home > Chapter 4 > Advanced Quiz