Question 1

As Matt's consumption of root beer increases, his

Accepted Answer

A)  marginal utility from root beer increases. 
B)  marginal utility from root beer decreases. 
C)  total utility from root beer decreases. 
D)  both total and marginal utility from root beer increase. 
A)  marginal utility from root beer increases. 
B)  marginal utility from root beer decreases. 
C)  total utility from root beer decreases. 
D)  both total and marginal utility from root beer increase. B

Question 2

Dudley plans to spend £210 on ice cream and chocolate bars. The price of ice cream is £3 per gallon and a chocolate bar £1.50. If Dudley buys 50 gallons of ice cream, how many chocolate bars is he able to buy?

Accepted Answer

A)  50 
B)  40 
C)  70 
D)  140 
A)  50 
B)  40 
C)  70 
D)  140 B

Question 3

-Rick's income is $54 a week and he spends all of it on CDs and sandwiches. The price of a CD is $6 and the price of a sandwich is $3. The figure above illustrates Rick's preferences. What is Rick's best affordable combination of CDs and sandwiches?

Accepted Answer

A)  3 CDs and 12 sandwiches a week 
B)  4 CDs and 10 sandwiches a week 
C)  6 CDs and 12 sandwiches a week 
D)  8 CD and 2 sandwiches a week 
A)  3 CDs and 12 sandwiches a week 
B)  4 CDs and 10 sandwiches a week 
C)  6 CDs and 12 sandwiches a week 
D)  8 CD and 2 sandwiches a week B

Question 4

Simon spends $150 per month on DVD movie rentals and music CDs. The price of a movie rental is $3 and a CD is $15. If Simon buys 10 CDs per month, how many DVDs will he rent?

Accepted Answer

A)  0 
B)  1 
C)  2 
D)  It is impossible to determine how many DVDs Simon will rent without more information. 
A)  0 
B)  1 
C)  2 
D)  It is impossible to determine how many DVDs Simon will rent without more information.

Question 5

-In the table above, Ron's marginal utility from the 4th chocolate frog is

Accepted Answer

A)  20. 
B)  30. 
C)  115. 
D)  125. 
A)  20. 
B)  30. 
C)  115. 
D)  125.

Question 6

-In the table above, Ron's marginal utility is

Accepted Answer

A)  constant. 
B)  diminishing. 
C)  increasing. 
D)  negative. 
A)  constant. 
B)  diminishing. 
C)  increasing. 
D)  negative.

Question 7

-Rick's income is $54 a week and he spends all of it on CDs and sandwiches. The price of a CD is $18 and the price of a sandwich is $3. The figure above illustrates Rick's preferences. What is Rick's best affordable combination of CDs and sandwiches?

Accepted Answer

A)  2 CDs and 8 sandwiches a week 
B)  3 CDs a week and no sandwiches 
C)  1 CD and 12 sandwiches a week 
D)  3 CDs and 6 sandwiches a week 
A)  2 CDs and 8 sandwiches a week 
B)  3 CDs a week and no sandwiches 
C)  1 CD and 12 sandwiches a week 
D)  3 CDs and 6 sandwiches a week

Question 8

-Rick's income is $54 a week and he spends all of it on CDs and sandwiches. The price of a CD is $6 and the price of a sandwich is $3. The figure above illustrates Rick's preferences. At Rick's best affordable point, the marginal rate of substitution is

Accepted Answer

A)  0.5 sandwiches per CD. 
B)  1 sandwich per CD. 
C)  1.5 sandwiches per CD. 
D)  2 sandwiches per CD. 
A)  0.5 sandwiches per CD. 
B)  1 sandwich per CD. 
C)  1.5 sandwiches per CD. 
D)  2 sandwiches per CD.

Question 9

Basil spends all his income on apples and bananas. Apples cost $2.50 per pound and bananas cost $1.50 per pound. The marginal utility is 20 for the last pound of apples purchased and 10 for the last pound of bananas. To maximize his utility, Basil should buy

Accepted Answer

A)  more apples and fewer bananas. 
B)  more bananas and fewer apples. 
C)  the present combination of goods. 
D)  only apples. 
A)  more apples and fewer bananas. 
B)  more bananas and fewer apples. 
C)  the present combination of goods. 
D)  only apples.

Question 10

-Rick's income is $54 a week and he spends all of it on CDs and sandwiches. The price of a CD is $18 and the price of a sandwich is $3. The figure above illustrates Rick's preferences. If the price of a CD falls to $6, Rick's consumption of sandwiches will

Accepted Answer

A)  increase by 4 sandwiches per week. 
B)  increase by 2 sandwiches per week. 
C)  not change. 
D)  decrease by 2 sandwiches per week. 
A)  increase by 4 sandwiches per week. 
B)  increase by 2 sandwiches per week. 
C)  not change. 
D)  decrease by 2 sandwiches per week.

Question 11

-Rick's income is $54 a week and he spends all of it on CDs and sandwiches. The price of a CD is $18 and the price of a sandwich is $3. The figure above illustrates Rick's preferences. If the price of a CD falls to $6, Rick's consumption of CDs will increase by

Accepted Answer

A)  1 CD per week. 
B)  2 CDs per week. 
C)  3 CDs per week. 
D)  4 CDs per week. 
A)  1 CD per week. 
B)  2 CDs per week. 
C)  3 CDs per week. 
D)  4 CDs per week.

Question 12

CDs Computer games  
-Jason's budget for CDs and computer games is $210. His marginal utility from these goods is shown in the table above. If the price of a CD is $15 and the price of a computer game is $30, which of the following combinations maximizes Jason's utility?

Accepted Answer

A)  4 CDs and 5 computer games 
B)  6 CDs and 4 computer games 
C)  2 CDs and 6 computer games 
D)  5 CDs and 5 computer games 
A)  4 CDs and 5 computer games 
B)  6 CDs and 4 computer games 
C)  2 CDs and 6 computer games 
D)  5 CDs and 5 computer games

Question 13

-Rick's preferences are shown in the figure above. Which of the following combinations of goods does Rick prefer the most?

Accepted Answer

A)  2 CDs and 18 sandwiches 
B)  5 CDs and 10 sandwiches 
C)  8 CDs and 5 sandwiches 
D)  9 CDs and 4 sandwiches 
A)  2 CDs and 18 sandwiches 
B)  5 CDs and 10 sandwiches 
C)  8 CDs and 5 sandwiches 
D)  9 CDs and 4 sandwiches

Question 14

-Rick's income is $54 a week and he spends all of it on CDs and sandwiches. The price of a CD is $18 and the price of a sandwich is $3. The figure above illustrates Rick's preferences. At Rick's best affordable point, the marginal rate of substitution is

Accepted Answer

A)  6 sandwiches per CD. 
B)  3 sandwiches per CD. 
C)  2 sandwiches per CD. 
D)  1/6 of a sandwich per CD. 
A)  6 sandwiches per CD. 
B)  3 sandwiches per CD. 
C)  2 sandwiches per CD. 
D)  1/6 of a sandwich per CD.

As Matt's consumption of root beer increases, his

Dudley plans to spend £210 on ice cream and chocolate bars. The price of ice cream is £3 per gallon and a chocolate bar £1.50. If Dudley buys 50 gallons of ice cream, how many chocolate bars is he able to buy?

-Rick's income is $54 a week and he spends all of it on CDs and sandwiches. The price of a CD is $6 and the price of a sandwich is $3. The figure above illustrates Rick's preferences. What is Rick's best affordable combination of CDs and sandwiches?

Simon spends $150 per month on DVD movie rentals and music CDs. The price of a movie rental is $3 and a CD is $15. If Simon buys 10 CDs per month, how many DVDs will he rent?

-In the table above, Ron's marginal utility from the 4th chocolate frog is

-In the table above, Ron's marginal utility is

-Rick's income is $54 a week and he spends all of it on CDs and sandwiches. The price of a CD is $18 and the price of a sandwich is $3. The figure above illustrates Rick's preferences. What is Rick's best affordable combination of CDs and sandwiches?

-Rick's income is $54 a week and he spends all of it on CDs and sandwiches. The price of a CD is $6 and the price of a sandwich is $3. The figure above illustrates Rick's preferences. At Rick's best affordable point, the marginal rate of substitution is

Basil spends all his income on apples and bananas. Apples cost $2.50 per pound and bananas cost $1.50 per pound. The marginal utility is 20 for the last pound of apples purchased and 10 for the last pound of bananas. To maximize his utility, Basil should buy

-Rick's income is $54 a week and he spends all of it on CDs and sandwiches. The price of a CD is $18 and the price of a sandwich is $3. The figure above illustrates Rick's preferences. If the price of a CD falls to $6, Rick's consumption of sandwiches will

-Rick's income is $54 a week and he spends all of it on CDs and sandwiches. The price of a CD is $18 and the price of a sandwich is $3. The figure above illustrates Rick's preferences. If the price of a CD falls to $6, Rick's consumption of CDs will increase by

CDs Computer games -Jason's budget for CDs and computer games is $210. His marginal utility from these goods is shown in the table above. If the price of a CD is $15 and the price of a computer game is $30, which of the following combinations maximizes Jason's utility?

-Rick's preferences are shown in the figure above. Which of the following combinations of goods does Rick prefer the most?

-Rick's income is $54 a week and he spends all of it on CDs and sandwiches. The price of a CD is $18 and the price of a sandwich is $3. The figure above illustrates Rick's preferences. At Rick's best affordable point, the marginal rate of substitution is

What Is Economics

The Economic Problem

Demand and Supply

Elasticity

Efficiency and Equity

Government Actions in Markets

Global Markets in Action

Utility and Demand

Possibilities, Preferences, and Choices

Organizing Production

Output and Costs

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Public Choices and Public Goods

Externalities and the Environment

Markets for Factors of Production

Economic Inequality

Uncertainty and Information

Extension A: Review

Extension B: Review

Extension D: Review

Extension E: Review

Extension F: Review

Filters

Exam 23: Extension C: Review

As Matt's consumption of root beer increases, his

Dudley plans to spend £210 on ice cream and chocolate bars. The price of ice cream is £3 per gallon and a chocolate bar £1.50. If Dudley buys 50 gallons of ice cream, how many chocolate bars is he able to buy?

-Rick's income is $54 a week and he spends all of it on CDs and sandwiches. The price of a CD is $6 and the price of a sandwich is $3. The figure above illustrates Rick's preferences. What is Rick's best affordable combination of CDs and sandwiches?

Simon spends $150 per month on DVD movie rentals and music CDs. The price of a movie rental is $3 and a CD is $15. If Simon buys 10 CDs per month, how many DVDs will he rent?

-In the table above, Ron's marginal utility from the 4th chocolate frog is

-In the table above, Ron's marginal utility is

-Rick's income is $54 a week and he spends all of it on CDs and sandwiches. The price of a CD is $18 and the price of a sandwich is $3. The figure above illustrates Rick's preferences. What is Rick's best affordable combination of CDs and sandwiches?

-Rick's income is $54 a week and he spends all of it on CDs and sandwiches. The price of a CD is $6 and the price of a sandwich is $3. The figure above illustrates Rick's preferences. At Rick's best affordable point, the marginal rate of substitution is

Basil spends all his income on apples and bananas. Apples cost $2.50 per pound and bananas cost $1.50 per pound. The marginal utility is 20 for the last pound of apples purchased and 10 for the last pound of bananas. To maximize his utility, Basil should buy

-Rick's income is $54 a week and he spends all of it on CDs and sandwiches. The price of a CD is $18 and the price of a sandwich is $3. The figure above illustrates Rick's preferences. If the price of a CD falls to $6, Rick's consumption of sandwiches will

-Rick's income is $54 a week and he spends all of it on CDs and sandwiches. The price of a CD is $18 and the price of a sandwich is $3. The figure above illustrates Rick's preferences. If the price of a CD falls to $6, Rick's consumption of CDs will increase by

CDs Computer games -Jason's budget for CDs and computer games is $210. His marginal utility from these goods is shown in the table above. If the price of a CD is $15 and the price of a computer game is $30, which of the following combinations maximizes Jason's utility?

-Rick's preferences are shown in the figure above. Which of the following combinations of goods does Rick prefer the most?

-Rick's income is $54 a week and he spends all of it on CDs and sandwiches. The price of a CD is $18 and the price of a sandwich is $3. The figure above illustrates Rick's preferences. At Rick's best affordable point, the marginal rate of substitution is

What Is Economics

The Economic Problem

Demand and Supply

Elasticity

Efficiency and Equity

Government Actions in Markets

Global Markets in Action

Utility and Demand

Possibilities, Preferences, and Choices

Organizing Production

Output and Costs

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Public Choices and Public Goods

Externalities and the Environment

Markets for Factors of Production

Economic Inequality

Uncertainty and Information

Extension A: Review

Extension B: Review

Extension D: Review

Extension E: Review

Extension F: Review

Filters