Source: https://www.youtube.com/watch?v=ZDPNY7yfjsE

1/ The demand for natural gas is elastic.

Group of answer choices

True

False

2/ The large increase in natural gas prices that occurred during the winter of 2000-2001 resulted from an increase in the demand for natural gas and the fact that:

Group of answer choices

Demand and supply were both inelastic.

Demand was inelastic and supply was elastic.

Demand was elastic and supply was inelastic.

Demand and supply were both elastic.

3/ Which of the following consumer product demand is elastic?

Group of answer choices

Movie tickets.

Restaurant meals.

Bread.

Auto repairs.

4/ An inelastic supply schedule helps explain why an increase in demand raises prices a lot because it implies that:

Group of answer choices

There is more of the good but consumers place little value on it.

Consumers are competing for a reduced quantity of the good.

Consumers want more of the good but little more is available.

Producers respond strongly to the fact that consumers want more of the good

5/ If the price of baseball tickets rose by one percent, the number of tickets purchased would fall by one-quarter of one percent. The elasticity of demand is:

Group of answer choices

4

1/4

1/2

1

6/ If the price of baseball tickets rose by one percent, the number of tickets purchased would fall by one-quarter of one percent. In economic terms, this means that:

Group of answer choices

Demand for baseball tickets is elastic.

Demand for baseball tickets is inelastic.

Supply of baseball tickets is elastic.

Supply of baseball tickets is inelastic.

7/ The supply of natural gas is more elastic in the long run than in the short run.

Group of answer choices

True

False