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Home » GAT Subject » Agriculture » Aptitude Test - 13
1. The property of a material by virtue of which a body returns to its original, shape after removal of the load is called
A. plasticity
B. elasticity
C. ductility
D. plasticity
2.The materials which exhibit the same elastic properties in all directions are called
A. homogeneous
B. inelastic
C. isotropic
D. homogeneous
3.Which of the following goods would you expect to have the largest income elasticity of demand?
A. rice
B. toothpaste
C. beer
D. rice
4.The cross price elasticity between two products is found to be -1/2. From this you know that the two products are
A. normal
B. inferior
C. necessities
D. normal
5.If the cross price elasticity between goods B and A is -2 and the price of good B increases by 5%, the quantity demanded of good A will
A. increase by 5%
B. increase by 10%
C. decrease by 5%
D. increase by 5%
6.Karen's income elasticity of demand for bottles of her favorite wine is 1.5. Currently her income is equal to $50,000 and she normally buys 500 bottles per year (Unless Karen entertains a lot she has
A. 425
B. 425
C. 575
D. 425
7.A firm learns that the own price elasticity of a product it manufactures is 3.5. What would be the correct action for this firm to take if it wishes to raise its total revenue?
A. Raise the price because demand for the product is inelastic
B. Lower the price because demand for the good is elastic
C. We need information on the firm's cost structure in order to answer this question
D. Raise the price because demand for the product is inelastic
8.A monopolist learns that the own price elasticity of a product it manufactures is 0.5. What would be the correct action for this firm to take if it wishes to increase its profits?
A. Raise the price because demand for the product is inelastic
B. Lower the price because demand for the good is elastic
C. We need information on the firm's cost structure in order to answer this question
D. Raise the price because demand for the product is inelastic
9.Cheryl's income elasticity for good A is -2.5. Her current income is $100,000 and she normally buys 100 units of good A per year. If her income increases to $110,000 how many units of good A will she
A. 250
B. 75
C. 125
D. 250
10.After paying an economist to estimate the price elasticity of demand for socks, sock manufacturers, expecting to increase revenues, decide to reduce the price of socks. The estimate of demand elastici
A. .25
B. .75
C. -.75
D. .25
11.If the price elasticity of demand for some good is estimated to be 4. then a 1% increase in price will lead to a:
A. 20% increase in quantity demanded.
B. 0.25% decrease in quantity demanded.
C. 0.5% increase in quantity demanded
D. 20% increase in quantity demanded.
12.If coffee and tea are substitutes, what do we know for certain about the cross-price elasticity of demand for coffee with respect to the price of tea?
A. It is greater than 1
B. It is negative
C. It is positive
D. It is greater than 1
13.If college enrollments drop by 10% when textbook prices double; textbooks and enrollments are __________ goods and their cross price elasticity is __________
A. complementary; -0.5
B. substitute; 5
C. complementary; -0.1
D. complementary; -0.5
14.Kevin's income elasticity for good A is equal to -1.5. His current income is $40,000 per year and he buys 200 units of good A annually. If his income falls to $36,000 how many units of good A will he
A. 230
B. 170
C. 150
D. 230
15.Jane considers tofu a normal good and peanut butter an inferior good. We can predict that with an increase in her income she will consume
A. more of both goods
B. less of both goods
C. more tofu and less peanut butter
D. more of both goods
16.The price elasticity of demand measures
A. the slope of a budget curve.
B. how often the price of a good changes
C. the responsiveness of the quantity demanded to changes in price
D. the slope of a budget curve.
17.When the quantity of coal supplied is measured in kilograms instead of pounds, the demand for
A. more elastic
B. neither more nor less elastic
C. less elastic
D. more elastic
18. If a rightward shift of the supply curve leads to a 6 percent decrease in the price and a 5 percent increase in the quantity demanded, the price elasticity of demand is
A. 0.83
B. 0.30
C. 0.60
D. 0.83
19. The price elasticity of demand equals
A. the percentage change in the quantity demanded divided by the percentage change in the price.
B. the change in the quantity demanded divided by the change in price
C. the percentage change in the price divided by the percentage change in the quantity demanded
D. the percentage change in the quantity demanded divided by the percentage change in the price.
20. A 10 percent increase in the quantity of spinach demanded results from a 20 percent decline in its price. The price elasticity of demand for spinach is
A. 0.5
B. 20.0
C. 2.0
D. 0.5
21.A 20 percent increase in the quantity of pizza demanded results from a 10 percent decline in its price. The price elasticity of demand for pizza is
A. 2.0
B. 10.0
C. 0.5
D. 2.0
22.Suppose a rise in the price of peaches from $5.50 to $6.50 per bushel decreases the quantity demanded from 12,500 to 11,500 bushels. The price elasticity of demand is
A. 0.5
B. 1000.0
C. 2.0
D. 0.5
23. A fall in the price of lemons from $10.50 to $9.50 per bushel increases the quantity demanded from 19,200 to 20,800 bushels. The price elasticity of demand is
A. 1.25
B. 1.20
C. 8.00
D. 1.25
24. A fall in the price of cabbage from $10.50 to $9.50 per bushel increases the quantity demanded from 18,800 to 21,200 bushels. The price elasticity of demand is
A. 1.20
B. 0.80
C. 8.00
D. 1.20
25.Stress is
A. External force
B. Internal resistive force
C. Axial force
D. External force
26.Following are the basic types of stress except
A. Tensile stress
B. Compressive stress
C. Shear stress
D. Tensile stress
27.Which of the following is not a basic type of strain?
A. Compressive strain
B. Shear strain
C. Area strain
D. Compressive strain
28.Tensile Strain is
A. Increase in length / original length
B. Decrease in length / original length
C. Change in volume / original volume
D. Increase in length / original length
29.Compressive Strain is
A. Increase in length / original length
B. Decrease in length / original length
C. Change in volume / original volume
D. Increase in length / original length
30.Volumetric Strain is
A. Increase in length / original length
B. Decrease in length / original length
C. Change in volume / original volume
D. Increase in length / original length
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