Exam 7: Consumer Choice
Exam 1: The Nature of Economics347 Questions
Exam 2: Scarcity and the World of Trade-Offs411 Questions
Exam 3: Demand and Supply448 Questions
Exam 3: Extensions of Demand and Supply Analysis399 Questions
Exam 4: Public Spending and Public Choice346 Questions
Exam 5: Funding the Public Sector202 Questions
Exam 6: Demand and Supply Elasticity413 Questions
Exam 7: Consumer Choice458 Questions
Exam 8: Rents, profits, and the Financial Environment of Business445 Questions
Exam 9: The Firm: Cost and Output Determination387 Questions
Exam 10: Perfect Competition431 Questions
Exam 11: Monopoly386 Questions
Exam 12: Monopolistic Competition309 Questions
Exam 13: Oligopoly and Strategic Behavior307 Questions
Exam 14: Regulation and Antitrust Policy in a Globalized Economy309 Questions
Exam 15: The Labor Market: Demand, supply and Outsourcing376 Questions
Exam 16: Unions and Labor Market Monopoly Power318 Questions
Exam 17: Income, poverty, and Health Care302 Questions
Exam 18: Environmental Economics300 Questions
Exam 19: Comparative Advantage and the Open Economy314 Questions
Exam 20: Exchange Rates and the Balance of Payments300 Questions
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Quantity of Movies Watched per Week Michelle's Total Utility per Week Robert's Total Utility per Week 0 0 0 1 100 100 2 195 190 3 270 270 4 340 340 5 390 400 6 420 350 7 435 390 8 445 420 9 450 440 10 440 450
-Refer to the above table.In examining the utility schedules for Michelle and Robert,we can conclude that
(Multiple Choice)
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The price of good "a" is $5 and the price of good "b" is $15.If the marginal utility of good "a" is 20 then the marginal utility of good "b" must be ________ to have an optimum combination of goods purchased.
(Multiple Choice)
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The change in total utility derived when a customer consumes one more unit of a good or service is called
(Multiple Choice)
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Quantity of Hamburgers/Wk Total Utility Quantity of Movies/Wk Total Utility 1 40 1 400 2 60 2 700 3 76 3 850 4 86 4 950 5 91 5 1000 6 93 6 1025
-Refer to the above table.The price of a hamburger is $2,the price of a movie is $5,and the consumer's income is $29.What is the marginal utility per last dollar spent on movies equal to if the consumer is at an optimum?
(Multiple Choice)
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The additional utility or satisfaction that one derives from consuming one more unit of any good or service is referred to as
(Multiple Choice)
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Bob's Marginal Utility for consuming beer and pizza with $8.00 in income
Quantity of Pizza Marginal Utility Quantity of Beer Marginal Utility 1 45 1 40 2 40 2 40 3 30 3 35 4 15 4 10 5 -5 5 0
-In the above table,how much beer and pizza will Bob consume if the price of a piece of pizza is $2.00 and the price of a beer is $2.00?
(Multiple Choice)
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When Stephanie increases the consumption of pizza and decrease the consumption of soda,her marginal utility of
(Multiple Choice)
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Quantity of Magazines/Wk Total Utility Quantity of Paperbacks/Wk Total Utility 0 0 0 0 1 60 1 200 2 100 2 400 3 130 3 500 4 140 4 550 5 142 5 575 6 142 6 580
-Refer to the above table.If the price of a magazine is $2 and the price of a paperback book is $5 and the consumer has $19,the rational consumer will purchase
(Multiple Choice)
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Number of Bottles of Soda Total Utility Marginal Utility 1 100 2 20 3 15 4 140
-Using the above table,what is the total utility of consuming 3 bottles of soda?
(Multiple Choice)
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-In the above figure,the budget line will change from line DE to line DF when

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-In the above figure,budget line DF would swivel in to the left if

(Multiple Choice)
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John is currently spending all of his income.For the last unit of Good A consumed John gets 20 utils and for the last unit of Good B consumed he gets 10 utils.The price of Good A is $10.The price of Good B is $5.If John wants to maximize his utility he should
(Multiple Choice)
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John is currently spending all of his income.For the last unit of Good A consumed John gets 20 utils and for the last unit of Good B consumed he gets 10 utils.The price of Good A is $4.The price of Good B is $2.If John wants to maximize his utility he should
(Multiple Choice)
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Quantity Total Utility per Week Michelle Robert David Lauren 0 0 0 0 0 1 50 1000 60 60 2 99 1900 120 130 3 147 2700 180 220 4 194 3400 240 310 5 240 4000 300 425 6 285 4500 360 575 7 329 4900 420 900 8 372 5200 480 1275 9 414 5400 540 1770
-According to the above table,what is Michelle's marginal utility of the 8th unit?
(Multiple Choice)
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