Multiple Choice Quiz on Weeks 1-3 Material

This is a multiple choice quiz worth 10 marks. It is based on all the material from weeks 1-3 (lectures and tutorials). You must access and complete it on Canvas. The quiz will consist of 10 questions and you have 60 minutes to complete it. All questions are equally weighted. There is no negative marking (where a wrong answer loses you marks). You will get one attempt at this quiz. You will not be able to to go back to a previous question once you submitted your answer to it. The below quiz and the weekly tutorial quizzes provide some guidance as to what the assessment task 1 will look like in terms of format and type of questions. Sample Quiz1. Based on the table below, using the midpoint formula, what is the income elasticity of demand for good X?-3.5 -0.290.293.5 2. Which of the following statements is not correct, based on the figure below? When the price is $10, quantity supplied equals quantity demanded. When the price is $6, there is a surplus of 8 units When the price is $12, there is a surplus of 4 units. When the price is $16, quantity supplied exceeds quantity demanded by 12 units. 3. Which of the following phrases best captures the notion of efficiency?