Secondary Data

question 94

Multiple Choice

Secondary data

• A) may provide some background, but never provides the answer.
• B) is information that has been collected already.
• C) is rarely available and is expensive.
• D) is specifically collected to solve a current problem.
• E) can be in the form of online surveys or observations.

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Definitions:

Elastic

A characteristic of a good or service that indicates a greater than proportional change in quantity demanded or supplied in response to price changes.

Inelastic

Describes demand or supply that is relatively unresponsive to price changes, meaning quantity demanded or supplied changes little when price changes.

Unitary Elasticity

A situation where a one percent change in the price of a product results in a one percent change in the quantity demanded.

Federal Excise Tax

A tax imposed by the federal government on the sale of specific goods and services, such as gasoline, cigarettes, and alcohol.