Tackle the Test: Multiple-Choice Questions

  1. Question

    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
    Which of the following statements is true?
  2. Question

    HNozhUUu8tBgqgqMPruDXitZE3xvl/mHBORQwfs8nHOJwOJAVooE5Spf29GhiVgWlCoIMMI+g26FXJ8sNsLOWWtAi9r1rCqHesOzTItdrkPMwEsle2RnEm16TYb0rn9zqKY308R5Wv9xAiyJMQerjRTIX1vZVZwyjS0eXi/LrL3YaXG8lHRxjenkvkEipSmoZ3NUAAiwJeVTqSkP0/GbuTAi2VjfkoX4LEBQjjmJltL0HsJ9ShancV57987f+X6bt9ckcZLX0kIsrGE2Y9q74VID2Il39zHKgSw2BzEMHF3UqkoOrF8Ix/7+P3qcVOQltRdHXPRO8+Anq7mlqAm82fWIdyJUe7aZUtBHZFoIwUkbu/xa2PvW/Q3ZeB0hv2xpIy5D5mceNm2JnrR2zGJ5j31+VoIjJg+Z96O0cDmrlzbj6LG6imN4Acp91ckRMwYWMxNgh8YObakVQWGiKMahYbmFCJOuJGMQZnC2xLDbPgS6joEdFpu6Q5GtSXeTGu+4MTDwQyPH3JCsIhnvGauPPPFIfWI+hj9t1cesyr2h3nO5mkL2fnt1RrNUOSkxUVGNTzTAGziSmkISvMdxUCbITM1U2ydAdHFEdGLHnhCo49uiULxDAHjD5oIHPrCmj884fCs338lt8MGhOyjOiFD4PX+8j6o6daK9W3cQHq6enQ3f9AcEf2BGTafTdibrYVXk1oS8IF1/V1puT0khJx2GQH7n357fd2UdH5zCWP99GKCclt3W3pk1nwNePRZY5bJcqxIikYT1Izj21/ruqZ5fb8z3MvZp74WGen+02Pzb7oqw8/BDIQAygrCiw8umiQdwZx2ZwMhvmR8kPwfA5soYPInjlMVZlQpIJ1d8VVkiJSPAC7LuX2keMl4gJlquwbO/kJ/3yfIibpUXdyaLgYegnyGVMudk8AwV+AXMOB+52bz1V5TipD6D5CxZOHtFLxjmV3JkhxJjWMtqR/bLspG8GwsuAAhI4plVLeMQSdRl7BnzDyKL7u/IUTvC38hGQgj7R1fGWCk+H+QlNKoEnGXQbJetT7UKQhO7gPCD5eZ0z0xK3qmx91j0lyRDO+m1qcaOwUrCiG8frmBVtHTTRlh+XmZglb6KVhHB34dmG2nhTNvh1LPAsxwS4UiAyQHNIVcmU3QsRsuss9v3M7Ezr8fZQsTAObYYLUZVO46+btMEAm6YGnYAiysTeywb+Nh9yiNv7fVvMdgxFDs=
    If there is an increase in the price of an inferior good on which consumers spend a large share of their income, which of the following will decrease the quantity of that good demanded?
  3. Question

    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
    If a decrease in price from $2 to $1 causes an increase in quantity demanded from 100 to 120, using the midpoint method, price elasticity of demand equals
  4. Question

    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
    Which of the following is likely to have the highest price elasticity of demand?
  5. Question

    7SACim4rFPs3xqsr5cfC6Nw3POR8J50+y5CI41jcdZVVfXZCoUon/I/NZcm3w1BK9reerRoe67etc8tBKucFef8cYKZdxWHtyk2J8gbna+mBk/xcJYnoPr5cHPQCGjsZIZjKZfi17D/Mabv1gZf1BFR2zascFfIxcCHTFgS+A+HmpuDJSbBsr2kTcuAY2s1WdkdJmYABb+eInoJ+hmA51sc5ZEsENk8lD7fr7hR41QlDXv+wEVgQgNBTIOX5/iDc8wPAXJM+xf7N6HEGHlR8/1oY4/q9OByykRD6Bo1xL4x2PKzlXm+XKGSqLttMM+bz6MpX5d/PggZz3F5nekBItguzCHsPTYiVtUqRLQtdTOqhWM88RYZsovv29uw2DnmGppsSFio/sJEANBxznjmqOYckeCcnyx0Pl+mcI4kj+0YqMOSuRAY0F1tijcHlwAGYO4jtN7R5qoAVDCNw4OY1thh1cWB7ikacfKGK2rxZu56azqqDitruCVNoPV5B+rqqk6AxKdQGK++L3bLM2kQBYT5Va7TFh3tfHxHBvfRgfgk7Ib2iKHr1n4FY5es8Z/j1782XqWk+HoOZlm9fBlrRdQ3GSyPDh2nFHDRWK2zP6ckaVwQ2xVNa7hpf/EiAFKjrZ5HQQnctzx62ORElGWNfoUSIlUAnRycfd0CPTL66dyzJSniy0C47NHblucLqGhnGFSU5289w8RBdSYqxn/YE7rLFNuRRM7HwPgVVYY7Xc+qwMzo4d9IBKDg10cImFw8byv/kjIKYSJtdAanfqEt/64gSCbnyNCoRnsmhECz02o1mpLxr+O+66uX87cO1r0s4VCZQRzYm8phILTps7eZdcgY189RHO3+jjeWiiOx/M75vMDl0IT/eR+XSkDs2Xqb3PMgsO2YtddLyzt6prDxfUCDBCrMRjdab+fP4UadkBrNrSHhvtdmpZk65JbkH6ZK17cXWMQ==
    If a 2% change in the price of a good leads to a 10% change in the quantity demanded of a good, what is the price elasticity of demand?