Exam 22: Consumer Preferences

Use the following to answer questions : Scenario: Music Downloads and Streamed Movies Phillip has an income of $300 per month,which he uses to purchase music downloads (MD)and streamed movies (SM).Each music download costs $1 and each streamed movie costs $5. -(Scenario: Music Downloads and Streamed Movies)Read the scenario Music Downloads and Streamed Movies.Suppose Phillip's income falls by half,and the prices for both music downloads and streamed movies also fall by half.As a result of this,Phillip:

(Multiple Choice)

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Question 21

Use the following to answer questions : -(Figure: Oreos and Apples)Use Figure Oreos and Apples,which provides an indifference curve map for Diego.As Diego moves along an indifference curve from point F to point E,he buys _ Oreos to obtain _ apples.

(Multiple Choice)

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Question 22

Use the following to answer questions : -(Figure: Kristin's Budget Line)Use Figure Kristin's Budget Line.The price of a cup of cappuccino is $3,and the price of an apple is $1.Given her income and the prices of the two goods,Kristin can consume _ cappuccinos and _ apples.

(Multiple Choice)

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Question 23

Use the following to answer questions : -(Figure: Consumer Equilibrium II)Use Figure Consumer Equilibrium II.Ashyra would maximize her utility at point ___ with the consumption of _ olive oil and ___ dish soap.

(Multiple Choice)

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Question 24

A curve that represents combinations of two goods that yield equal levels of satisfaction is a(n):

(Multiple Choice)

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Question 25

In terms of indifference curves,an increase in total utility is represented by a _____ indifference curve.

(Multiple Choice)

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Question 26

Suppose Joe derives 327 utils from consuming 1 dozen crab cakes and 11 pairs of socks.If he also derives 327 utils from 2 dozen crab cakes and 5 pairs of socks,Joe is indifferent between those combinations of crab cakes and socks.

(True/False)

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Question 27

Use the following to answer questions : Figure: Harold's Indifference Curves The figure shows three of Harold's indifference curves for bread and cheese. -(Figure: Harold's Indifference Curves)Use Figure Harold's Indifference Curves.If the price of bread is $1 per loaf,the price of cheese is $2 per kilogram,and Harold has $10 to spend on bread and cheese,Harold's optimal consumption bundle is _ loaves of bread and _ kilograms of cheese.

(Multiple Choice)

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Question 28

Use the following to answer questions : -(Figure: Consumer Equilibrium IV)Use Figure Consumer Equilibrium IV.The highest level of utility shown in the figure is associated with indifference curve:

(Multiple Choice)

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Question 29

Use the following to answer questions : Figure: Harold's Indifference Curves The figure shows three of Harold's indifference curves for bread and cheese. -(Figure: Harold's Indifference Curves)Use Figure Harold's Indifference Curves.If the price of bread is $1 per loaf,the price of cheese is $2 per kilogram,and Harold has $14 to spend on bread and cheese,Harold's optimal consumption bundle is _ loaves of bread and _ kilograms of cheese.

(Multiple Choice)

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Question 30

Use the following to answer questions : -(Figure: Consumer Equilibrium III)Use Figure Consumer Equilibrium III.The highest level of total utility attainable is associated with point _ on _.

(Multiple Choice)

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Question 31

Use the following to answer question 3: Figure and Table: An Indifference Curve Map $Use the following to answer question 3: Figure and Table: An Indifference Curve Map \begin{array} { l c c c } \hline \begin{array} { l } \text { Consumption } \\ \text { Bundle } \end{array} & \begin{array} { c } \text { Quantity } \\ \text { of Rooms } \end{array} & \begin{array} { c } \text { Quantity } \\ \text { of Meals } \end{array} & \begin{array} { c } \text { Total Utility } \\ \text { (utils) } \end{array} \\ \hline A & 3 & 30 & 450 \\ B & 6 & 15 & 450 \\ C & 5 & 10 & 391 \\ D & 4 & 45 & 519 \\ \hline \end{array} -(Figure and Table: Indifference Curve Map)Use Figure and Table An Indifference Curve Map.Combination ___ is preferred to combination _.$ Consumption Bundle Quantity of Rooms Quantity of Meals Total Utility (utils) A 3 30 450 B 6 15 450 C 5 10 391 D 4 45 519 -(Figure and Table: Indifference Curve Map)Use Figure and Table An Indifference Curve Map.Combination _ is preferred to combination ___.

(Multiple Choice)

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Question 32

Use the following to answer questions : Figure: Harold's Indifference Curves The figure shows three of Harold's indifference curves for bread and cheese. -(Figure: Harold's Indifference Curves)Use Figure Harold's Indifference Curves.The price of cheese is $2 per kilogram and Harold has $10 to spend on bread and cheese.As the price of bread rises from $1 to $2 per loaf,his consumption of bread:

(Multiple Choice)

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Question 33

Use the following to answer questions : Scenario: Music Downloads and Streamed Movies Phillip has an income of $300 per month,which he uses to purchase music downloads (MD)and streamed movies (SM).Each music download costs $1 and each streamed movie costs $5. -(Scenario: Music Downloads and Streamed Movies)Read the scenario Music Downloads and Streamed Movies.The slope of Phillip's budget line is equal to:

(Multiple Choice)

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Question 34

Because of diminishing marginal utility,indifference curves are convex to the origin.

(True/False)

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Question 35

Use the following to answer questions : -(Figure: Consumer Equilibrium III)Use Figure Consumer Equilibrium III.Kurt consumes at point C.If income remains unchanged,Kurt could gain more utility by choosing point:

(Multiple Choice)

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Question 36

The slope of a(n)_ curve shows the rate at which two goods can be exchanged _.

(Multiple Choice)

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Question 37

Use the following to answer questions : -(Figure: Consumer Equilibrium III)Use Figure Consumer Equilibrium III.Kurt would maximize his utility at point _ with the consumption of _.

(Multiple Choice)

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Question 38

Use the following to answer questions : -(Figure: Consumer Equilibrium IV)Use Figure Consumer Equilibrium IV.Assume that you are consuming the combination of goods at point K.Given the budget constraint FL,utility:

(Multiple Choice)

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Question 39

Use the following to answer questions : -(Figure: Indifference Curve Map I)Use Figure Indifference Curve Map I.It shows that:

(Multiple Choice)

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Question 40

Showing 21 - 40 of 153

Use the following to answer questions : -(Figure: Oreos and Apples)Use Figure Oreos and Apples,which provides an indifference curve map for Diego.As Diego moves along an indifference curve from point F to point E,he buys _ Oreos to obtain _ apples.

Use the following to answer questions : -(Figure: Kristin's Budget Line)Use Figure Kristin's Budget Line.The price of a cup of cappuccino is $3,and the price of an apple is $1.Given her income and the prices of the two goods,Kristin can consume _ cappuccinos and _ apples.

Use the following to answer questions : -(Figure: Consumer Equilibrium II)Use Figure Consumer Equilibrium II.Ashyra would maximize her utility at point ___ with the consumption of _ olive oil and ___ dish soap.

A curve that represents combinations of two goods that yield equal levels of satisfaction is a(n):

In terms of indifference curves,an increase in total utility is represented by a _____ indifference curve.

Suppose Joe derives 327 utils from consuming 1 dozen crab cakes and 11 pairs of socks.If he also derives 327 utils from 2 dozen crab cakes and 5 pairs of socks,Joe is indifferent between those combinations of crab cakes and socks.

Use the following to answer questions : -(Figure: Consumer Equilibrium IV)Use Figure Consumer Equilibrium IV.The highest level of utility shown in the figure is associated with indifference curve:

Use the following to answer questions : -(Figure: Consumer Equilibrium III)Use Figure Consumer Equilibrium III.The highest level of total utility attainable is associated with point _ on _.

Because of diminishing marginal utility,indifference curves are convex to the origin.

Use the following to answer questions : -(Figure: Consumer Equilibrium III)Use Figure Consumer Equilibrium III.Kurt consumes at point C.If income remains unchanged,Kurt could gain more utility by choosing point:

The slope of a(n)_ curve shows the rate at which two goods can be exchanged _.

Use the following to answer questions : -(Figure: Consumer Equilibrium III)Use Figure Consumer Equilibrium III.Kurt would maximize his utility at point _ with the consumption of _.

Use the following to answer questions : -(Figure: Consumer Equilibrium IV)Use Figure Consumer Equilibrium IV.Assume that you are consuming the combination of goods at point K.Given the budget constraint FL,utility:

Use the following to answer questions : -(Figure: Indifference Curve Map I)Use Figure Indifference Curve Map I.It shows that:

First Principles

Economic Models

Supply and Demand

Consumer and Producer Surplus

Price Controls and Quotas

Elasticity

Taxes

International Trade

Decision Making by Individuals and Firms

The Rational Consumer

Behind the Supply Curve- Inputs and Costs

Perfect Competition and the Supply Curve

Monopoly

Oligopoly

Monopolistic Competition

Externalities

Public Goods and Common Resources

The Economics of the Welfare State

Factor Markets and the Distribution of Income

Uncertainty, risk, and Private Information

Graphs in Economics

Indifference Curve Analysis

Filters

Exam 22: Consumer Preferences

Use the following to answer questions : -(Figure: Oreos and Apples)Use Figure Oreos and Apples,which provides an indifference curve map for Diego.As Diego moves along an indifference curve from point F to point E,he buys _____ Oreos to obtain _____ apples.

Use the following to answer questions : -(Figure: Kristin's Budget Line)Use Figure Kristin's Budget Line.The price of a cup of cappuccino is $3,and the price of an apple is $1.Given her income and the prices of the two goods,Kristin can consume _____ cappuccinos and _____ apples.

Use the following to answer questions : -(Figure: Consumer Equilibrium II)Use Figure Consumer Equilibrium II.Ashyra would maximize her utility at point _____ with the consumption of _____ olive oil and _____ dish soap.

A curve that represents combinations of two goods that yield equal levels of satisfaction is a(n):

In terms of indifference curves,an increase in total utility is represented by a _____ indifference curve.

Suppose Joe derives 327 utils from consuming 1 dozen crab cakes and 11 pairs of socks.If he also derives 327 utils from 2 dozen crab cakes and 5 pairs of socks,Joe is indifferent between those combinations of crab cakes and socks.

Use the following to answer questions : -(Figure: Consumer Equilibrium IV)Use Figure Consumer Equilibrium IV.The highest level of utility shown in the figure is associated with indifference curve:

Use the following to answer questions : -(Figure: Consumer Equilibrium III)Use Figure Consumer Equilibrium III.The highest level of total utility attainable is associated with point _____ on _____.

Because of diminishing marginal utility,indifference curves are convex to the origin.

Use the following to answer questions : -(Figure: Consumer Equilibrium III)Use Figure Consumer Equilibrium III.Kurt consumes at point C.If income remains unchanged,Kurt could gain more utility by choosing point:

The slope of a(n)_____ curve shows the rate at which two goods can be exchanged _____.

Use the following to answer questions : -(Figure: Consumer Equilibrium III)Use Figure Consumer Equilibrium III.Kurt would maximize his utility at point _____ with the consumption of _____.

Use the following to answer questions : -(Figure: Consumer Equilibrium IV)Use Figure Consumer Equilibrium IV.Assume that you are consuming the combination of goods at point K.Given the budget constraint FL,utility:

Use the following to answer questions : -(Figure: Indifference Curve Map I)Use Figure Indifference Curve Map I.It shows that:

First Principles

Economic Models

Supply and Demand

Consumer and Producer Surplus

Price Controls and Quotas

Elasticity

Taxes

International Trade

Decision Making by Individuals and Firms

The Rational Consumer

Behind the Supply Curve- Inputs and Costs

Perfect Competition and the Supply Curve

Monopoly

Oligopoly

Monopolistic Competition

Externalities

Public Goods and Common Resources

The Economics of the Welfare State

Factor Markets and the Distribution of Income

Uncertainty, risk, and Private Information

Graphs in Economics

Indifference Curve Analysis

Filters

Use the following to answer questions : -(Figure: Oreos and Apples)Use Figure Oreos and Apples,which provides an indifference curve map for Diego.As Diego moves along an indifference curve from point F to point E,he buys _ Oreos to obtain _ apples.

Use the following to answer questions : -(Figure: Kristin's Budget Line)Use Figure Kristin's Budget Line.The price of a cup of cappuccino is $3,and the price of an apple is $1.Given her income and the prices of the two goods,Kristin can consume _ cappuccinos and _ apples.

Use the following to answer questions : -(Figure: Consumer Equilibrium II)Use Figure Consumer Equilibrium II.Ashyra would maximize her utility at point ___ with the consumption of _ olive oil and ___ dish soap.

Use the following to answer questions : -(Figure: Consumer Equilibrium III)Use Figure Consumer Equilibrium III.The highest level of total utility attainable is associated with point _ on _.

The slope of a(n)_ curve shows the rate at which two goods can be exchanged _.

Use the following to answer questions : -(Figure: Consumer Equilibrium III)Use Figure Consumer Equilibrium III.Kurt would maximize his utility at point _ with the consumption of _.