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Economics

Economics · Quick practice · answer shown after each question

Elasticity of demand and supply

Question 1 of 10

Question 1 of 10

If PED = 1, demand is

Question 2 of 10

Question 2 of 10

If PED is 0.4, a 10% price rise reduces quantity demanded by

Question 3 of 10

Question 3 of 10

Supply of agricultural produce is inelastic in the short run because

Question 4 of 10

Question 4 of 10

Price elasticity of supply measures

Question 5 of 10

Question 5 of 10

Cross elasticity of demand between substitutes is

Question 6 of 10

Question 6 of 10

Demand for necessities such as salt is usually

Question 7 of 10

Question 7 of 10

The supply of fresh tomatoes is usually inelastic in the short run because

Question 8 of 10

Question 8 of 10

Price falls from GH¢8 to GH¢6 and quantity rises from 40 to 60. PED (point method from initial values) is

Question 9 of 10

Question 9 of 10

Two goods with a positive cross elasticity of demand are

Question 10 of 10

Question 10 of 10

The price of a good rises from GH¢10 to GH¢12, and quantity demanded falls from 100 to 80. What is the price elasticity of demand?

Questions written by OtisamLMS in the style of the WASSCE. They are not WAEC past questions.