Question : "A change in demand" most strongly suggests a -

Option 1: Movement along the curve

Option 2: Movement along the price curve

Option 3: Change in quantity demanded of a good

Option 4: Shift in the demand curve

Question : The responsiveness of demand to income is defined as:

Option 1: Quantity is demanded in response to a change in income.

Option 2: Demanded quantity in response to a price change.

Option 3: Price in response to a change in income.

Option 4: Income as a result of a change in quantity demanded

Question : When demand is perfectly inelastic, a change in price will result in:

Option 1: No change in quantity demanded.

Option 2: A small change in quantity demanded.

Option 3: A large change in quantity demanded.

Option 4: An unpredictable change in quantity demanded.

Question : The percentage change in _______ divided by the percentage change in _______ is the income elasticity of demand.

Option 1: The quantity demanded; income

Option 2: Income; the price

Option 3: Income; the quantity demanded.

Option 4: The price; income

Question : When demand is perfectly elastic, a decrease in price will result in:

Option 1: No change in quantity demanded.

Option 2:  A small change in quantity demanded.

Option 3: A large change in quantity demanded.

Option 4: An unpredictable change in quantity demanded.