Exam 7: Consumer Behavior

The table shown describes the different combinations of goods that Jack can consume, given that he has $10 to spend on these two items. After consuming 2 popsicles and 2 ice cream cones Jack still has _____ left to spend.

Howard has just smoked a cigarette. If he chooses to smoke a second one:

One individual's budget constraint:

If the graph shown represents Tina's budget constraint, which of the following consumption bundles can Tina not afford?

Assume Kiara's budget constraint is represented by the graph shown. If Kiara's grocery store discounts cases of soda by 50 percent, which of the following is true?

Nick has $300 a month to spend on either detailing his sports car or buying bottles of good wine. It costs $100 to have his car detailed and a bottle of wine is $50. He currently buys four bottles of wine each month and has his car detailed once. If the price of car detailing decreases to $75, Nick's budget constraint will:

Assume Kevin has $48 to spend on the two items in the graph shown. If books cost $12, which line represents Kevin's budget constraint?

Nikolaj makes a New Year's resolution to lose weight. On January 3 ^rd, he decides to go out for ice cream instead of going to the gym. Using the concept of revealed preference, economists would most likely conclude that Nikolaj:

Assume the graph shown represents Ayesha's budget constraint. If a movie rental costs $3, what must a movie theater ticket cost?

If Bella eats one piece of pie, she receives a utility of 10. If she continues eating, a second piece of pie will yield a marginal utility of 8, a third will yield a marginal utility of 2, and a fourth will yield a marginal utility of -2. Which of the following statements is true?

The table shown describes the different combinations of goods that Brianna can consume, given that she has $80 to spend on these two items. Considering the information in the table, what is the price of a concert ticket?

Sam has $200 a month to spend on two normal goods-tanning sessions and rounds of golf. Tanning sessions are $20 each, and a round of golf is $40. Sam currently consumes six tanning sessions and two rounds of golf each month. If the price of a round of golf drops to $20, the income and substitution effects will cause Sam's consumption of tanning sessions to:

Assume Kerri's budget constraint is represented in the graph shown. If Kerri's income to spend on these two items increases, her budget constraint will:

Ethan enjoys buying books and going to the movies. He has income of $150 to spend on these two goods each month. The price of a book is $15 and the price of a movie ticket is also $15. He currently consumes four books and six movies each month. If the price of a book increases to $20, which of the following is true?

According to revealed preference, a consumer that chooses to smoke cigarettes:

Assume Larry's budget constraint is represented by line B in the graph shown. His opportunity cost of one gallon of milk is:

In general, the income effect of an increase in the price of a normal good will cause an individual to buy _____ of that good because he or she has relatively _____ income.

Weizhe is a surgeon who spends two weeks every summer traveling to remote areas and donating his skills to hospitals in need. From an economic standpoint, utility is gained by:

Assume Yazmin's budget constraint is represented by line C in the graph shown. Which of the following would cause Yazmin's budget constraint to shift to line B?

Assume Jayden's budget constraint is represented in the graph shown. Suppose Jayden initially has $24 to spend on these items. If Jayden's income decreases to $12, which of the following is true?