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ECON 1002: MICROECONOMICS EXAM WITH ANSWERS

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ECON 1002: MICROECONOMICS EXAM WITH ANSWERS

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ECON 1002: MICROECONOMICS EXAM WITH ANSWERS

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ECON 1002: MICROECONOMICS EXAM WITH

ANSWERS



1. Andy views beer and pizza as complements to one another. If the

price of pizza decreases, economists would expect:

, A. Andy's demand for pizza to increase.

B. Andy's demand for pizza to decrease.

C. Andy's quantity of pizza demanded to decrease.

D. Andy's demand for beer to increase.




Answer: D



23. Price elasticity of demand is defined as:



A. the slope of the demand curve.

B. the slope of the demand curve divided by the price.

C. the percentage change in price divided by the percentage change in

quantity demanded.

D. the percentage change in quantity demanded divided by the percentage

change in price.




Answer: D




24. When demand is inelastic:



A. price elasticity of demand is greater than 1.
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  • econ 1002 microeconomics exam with answers
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