"economics"exercise:Inflation

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來(lái)源: 正保會(huì)計(jì)網(wǎng)校編輯：小鞠橘桔 2020/11/11 10:11:23　字體：大小

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Questions 1:

Over a given period, the price of a commodity falls by 5.0%, and the quantity demanded rises by 7.5%. The price elasticity of demand for the commodity is best described as:

A、 perfectly elastic.

B、 elastic.

C 、inelastic.

Questions 2:

Assume economic activity is accelerating, inflation is increasing modestly, and unemployment is low. The economy is most likely in which phase of the business cycle?

A 、Peak

B、 Early expansion

C 、Late expansion

View answer resolution

【Answer to question 1】B

【analysis】

B is correct. If demand is elastic, a 1 percent reduction in price increases the quantity sold by more than 1 percent. Therefore, when demand is elastic, the magnitude (ignoring algebraic sign) of the coefficient is greater than one. In this case, price elasticity is:

economics exercise:Inflation

C is incorrect because if demand is inelastic, a 1 percent price reduction increases the quantity sold by less than 1 percent.

A is incorrect because if demand is perfectly elastic, a 1 percent price reduction increases the quantity demanded by an infinitely large percentage.

【Answer to question 2】（選項(xiàng)）

【analysis】

C is correct. The late expansion phase is characterized by acceleration of growth rate, decreasing of unemployment rate, and increasing of inflation rate.

economics exercise:Inflation

A is incorrect because the peak phase is characterized by deceleration of growth rate.

B is incorrect because the early expansion phase is not characterized by low unemployment.

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