2. Microeconomics
Income Elasticity Of Demand — Quiz
Test your understanding of income elasticity of demand with 5 practice questions.
Practice Questions
Question 1
What does $Income\ Elasticity\ of\ Demand$ measure?
Question 2
Which formula correctly shows $Income\ Elasticity\ of\ Demand$?
Question 3
If Income\ Elasticity\ of\ Demand = 1.5, the good is most likely a
Question 4
If Income\ Elasticity\ of\ Demand = -0.8, what kind of good is it?
Question 5
If consumer income rises by $10\%$ and quantity demanded for a good rises by $5\%$, what is the $Income\ Elasticity\ of\ Demand$?