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Exam (elaborations)

ECO 204 Week 2 Quiz

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Question 1 1 / 1 pts Research by Luo and Song showed that, in rural China from 2003 to at least 2008, income elasticity of consumer demand for food was slightly less than 1, meaning that the overall growth rate of consumer demand for food was __________. slightly more than the growth rate of income much higher than the growth rate of income Correct! slightly less than the growth rate of income much lower than the growth rate of income Question 2 1 / 1 pts What does cross elasticity measure? the responsiveness of changes in demand of one good to changes in consumers’ income the change in the demand curve with price change

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Ashford University
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ECO 204









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Ashford University
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ECO 204
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Uploaded on
March 14, 2022
Number of pages
7
Written in
2021/2022
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Exam (elaborations)
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  • in rural china from
  • eco 204week 2 quiz document subtitle eco 204 week 2 quiz attempt history score for this quiz 9 out of 10 question 1 1 1 pts research by luo and song showed that

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ECO 204WEEK 2 QUIZ
[Document subtitle] ECO 204
Week 2 Quiz
Attempt History
Score for this quiz: 9 out of 10
Question 1 pts
Research by Luo and Song showed that, in rural China from 2003 to at least 2008, income elasticity of consumer demand for food was slightly less than 1, meaning that the overall growth rate of consumer demand for food was __________.
slightly more than the growth rate of income
much higher than the growth rate of income
Correct!
slightly less than the growth rate of income
much lower than the growth rate of income
Question 2 pts
What does cross elasticity measure?
the responsiveness of changes in demand of one good to changes in consumers’
income
the change in the demand curve with price change
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