Use the following to answer questions : \[\begin{array}{l} \text { Table: Bundles of } \mathrm { X } \text { and } \mathrm { Y }\\ \begin{array} { l c c c } \hline \begin{array} { l } \text { Consumption } \\ \text { Bundle } \end{array} & \begin{array} { c } \text { Quantity } \\ \text { of Good X } \end{array} & \begin{array} { c } \text { Quantity } \\ \text { of Good Y } \end{array} & \begin{array} { c } \text { Total Utility } \\ \text { (utils) } \end{array} \\ \hline \text { A } & 2 & 2 & 10 \\ \text { B } & 3 & 1 & 10 \\ \text { C } & 4 & 4 & 20 \\ \text { D } & 1 & 1 & 5 \\ \hline \end{array} \end{array}\] -(Table: Bundles of X and Y)Use Table Bundles of X and Y.According to the table:

A) bundle D is preferred to bundles A and B. B) the consumer is indifferent among bundles A,B,and C. C) bundles C and D are both preferred to bundles A and B. D) bundle C is preferred to all other bundles. A) bundle D is preferred to bundles A and B. B) the consumer is indifferent among bundles A,B,and C. C) bundles C and D are both preferred to bundles A and B. D) bundle C is preferred to all other bundles.

Use the following to answer questions : \[\begin{array}{l} \text { Table: Madeline's Preferences for T-Shirts and Coffee }\\ \begin{array} { l c c } \hline \begin{array} { l } \text { Consumption } \\ \text { Bundle } \end{array} & \begin{array} { c } \text { Quantity } \\ \text { of T-Shirts } \end{array} & \begin{array} { c } \text { Quantity of } \\ \text { Coffee (cups) } \end{array} \\ \hline \text { A } & 30 & 3 \\ \text { B } & 24 & 4 \\ \text { C } & 21 & 5 \\ \text { D } & 19 & 6 \\ \text { E } & 18 & 7 \\ \hline \end{array} \end{array}\] -(Table: Madeline's Preferences for T-Shirts and Coffee)Use Table Madeline's Preferences for T-Shirts and Coffee.Assume each consumption bundle provides the same level of utility.As Madeline moves from bundle A to bundle E,her total utility:

A) decreases. B) increases. C) stays the same. D) is zero regardless of which bundle she chooses. A) decreases. B) increases. C) stays the same. D) is zero regardless of which bundle she chooses.

Use the following to answer questions : \[\begin{array}{l} \text { Table: Madeline's Preferences for T-Shirts and Coffee }\\ \begin{array} { l c c } \hline \begin{array} { l } \text { Consumption } \\ \text { Bundle } \end{array} & \begin{array} { c } \text { Quantity } \\ \text { of T-Shirts } \end{array} & \begin{array} { c } \text { Quantity of } \\ \text { Coffee (cups) } \end{array} \\ \hline \text { A } & 30 & 3 \\ \text { B } & 24 & 4 \\ \text { C } & 21 & 5 \\ \text { D } & 19 & 6 \\ \text { E } & 18 & 7 \\ \hline \end{array} \end{array}\] -(Table: Madeline's Preferences for T-Shirts and Coffee)Use Table Madeline's Preferences for T-Shirts and Coffee.Assume each consumption bundle provides the same level of utility for Madeline.Suppose Madeline is consuming bundle C.If she changes her purchases to bundle D,this means that she:

A) gives up two T-shirts to obtain one more cup of coffee. B) gives up one cup of coffee to obtain two more T-shirts. C) will now have 11 cups of coffee and 40 T-shirts. D) doesn't give up any T-shirts to obtain more coffee. A) gives up two T-shirts to obtain one more cup of coffee. B) gives up one cup of coffee to obtain two more T-shirts. C) will now have 11 cups of coffee and 40 T-shirts. D) doesn't give up any T-shirts to obtain more coffee.

Exam 22: Consumer Preferences

Frank buys only milk and cereal,both of which are normal goods,and he always maximizes his utility.Frank's boss cuts Frank's pay by $200 per month.What happens to Frank's marginal rate of substitution between milk and cereal?

(Multiple Choice)

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Question 41

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.Kristin's income is:

(Multiple Choice)

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Question 42

Diminishing marginal utility is the reason most indifference curves:

(Multiple Choice)

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Question 43

Use the following to answer questions : -(Figure: Indifference Curves and Consumption Bundles)Use Figure Indifference Curves and Consumption Bundles.In the figure,the initial optimum is at a.The price of hot dogs now increases.The change in hot dog consumption due to the substitution effect is:

(Multiple Choice)

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Question 44

If good A is a normal good and its price decreases,the _ effect(s)will cause a(n)_ in consumption of it.

(Multiple Choice)

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Question 45

Use the following to answer questions : Table: Bundles of and Consumption Bundle Quantity of Good X Quantity of Good Y Total Utility (utils) A 2 2 10 B 3 1 10 C 4 4 20 D 1 1 5 -(Table: Bundles of X and Y)Use Table Bundles of X and Y.According to the table:

(Multiple Choice)

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Question 46

Use the following to answer questions : -(Figure: Consumer Equilibrium II)Use Figure Consumer Equilibrium II.The LOWEST level of total utility shown in the figure is associated with point _ on curve _.

(Multiple Choice)

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Question 47

Use the following to answer questions : -(Figure: Consumer Equilibrium II)Use Figure Consumer Equilibrium II.Which of the following is TRUE?

(Multiple Choice)

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Question 48

Use the following to answer questions : Scenario: E-Books and Sports Tickets Phillip has an income of $300 per month,which he uses to purchase two goods,e-books and sports tickets.Each e-book costs $10,and each sports ticket costs $15. -(Scenario: E-Books and Sports Tickets)Read the scenario E-Books and Sports Tickets.Phillip gets an increase in the amount of his monthly income allotted for e-books and sports tickets.Holding everything else constant,Phillip's budget line has:

(Multiple Choice)

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Question 49

Use the following to answer questions : -Suppose peanut butter is an inferior good for Ilya and the price of peanut butter rises.What will happen to Ilya's consumption of peanut butter?

(Multiple Choice)

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Question 50

Use the following to answer questions : Table: Madeline's Preferences for T-Shirts and Coffee Consumption Bundle Quantity of T-Shirts Quantity of Coffee (cups) A 30 3 B 24 4 C 21 5 D 19 6 E 18 7 -(Table: Madeline's Preferences for T-Shirts and Coffee)Use Table Madeline's Preferences for T-Shirts and Coffee.Assume each consumption bundle provides the same level of utility.As Madeline moves from bundle A to bundle E,her total utility:

(Multiple Choice)

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Question 51

Use the following to answer questions : Table: Madeline's Preferences for T-Shirts and Coffee Consumption Bundle Quantity of T-Shirts Quantity of Coffee (cups) A 30 3 B 24 4 C 21 5 D 19 6 E 18 7 -(Table: Madeline's Preferences for T-Shirts and Coffee)Use Table Madeline's Preferences for T-Shirts and Coffee.Assume each consumption bundle provides the same level of utility for Madeline.Suppose Madeline is consuming bundle C.If she changes her purchases to bundle D,this means that she:

(Multiple Choice)

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Question 52

An indifference curve typically:

(Multiple Choice)

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Question 53

Use the following to answer questions : -(Figure: Consumer Equilibrium III)Use Figure Consumer Equilibrium III.Given the figure,which of the following statements is TRUE?

(Multiple Choice)

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Question 54

Use the following to answer questions : -(Figure: Oreos and Apples)Use Figure Oreos and Apples,which provides an indifference curve map for Diego.The consumption bundle that provides the highest level of utility is bundle:

(Multiple Choice)

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Question 55

Use the following to answer questions : -(Figure: Consumer Equilibrium III)Use Figure Consumer Equilibrium III.Given the figure,which of the following is TRUE?

(Multiple Choice)

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Question 56

Use the following to answer questions : -(Figure: The Consumption of Video Games and E-Books)Use Figure The Consumption of Video Games and E-Books.Which chart shows the effect of a decrease in income when both video games and e-books are normal goods?

(Multiple Choice)

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Question 57

Use the following to answer questions : Figure: The Optimal Consumption Bundle -(Figure: The Optimal Consumption Bundle)Use Figure The Optimal Consumption Bundle.Which of the following could lead to an optimal consumption bundle on indifference curve I₁?

(Multiple Choice)

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Question 58

Which of the following is NOT TRUE of indifference curves for ordinary goods?

(Multiple Choice)

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Question 59

Use the following to answer questions : Figure: The Optimal Consumption Bundle -(Figure: The Optimal Consumption Bundle)Use Figure The Optimal Consumption Bundle.Which of the following could lead to an optimal consumption bundle on indifference curve I₃?

(Multiple Choice)

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Question 60

Frank buys only milk and cereal,both of which are normal goods,and he always maximizes his utility.Frank's boss cuts Frank's pay by $200 per month.What happens to Frank's marginal rate of substitution between milk and cereal?

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.Kristin's income is:

Diminishing marginal utility is the reason most indifference curves:

Use the following to answer questions : -(Figure: Indifference Curves and Consumption Bundles)Use Figure Indifference Curves and Consumption Bundles.In the figure,the initial optimum is at a.The price of hot dogs now increases.The change in hot dog consumption due to the substitution effect is:

If good A is a normal good and its price decreases,the _ effect(s)will cause a(n)_ in consumption of it.

Use the following to answer questions : Table: Bundles of and Consumption Bundle Quantity of Good X Quantity of Good Y Total Utility (utils) A 2 2 10 B 3 1 10 C 4 4 20 D 1 1 5 -(Table: Bundles of X and Y)Use Table Bundles of X and Y.According to the table:

Use the following to answer questions : -(Figure: Consumer Equilibrium II)Use Figure Consumer Equilibrium II.The LOWEST level of total utility shown in the figure is associated with point _ on curve _.

Use the following to answer questions : -(Figure: Consumer Equilibrium II)Use Figure Consumer Equilibrium II.Which of the following is TRUE?

Use the following to answer questions : -Suppose peanut butter is an inferior good for Ilya and the price of peanut butter rises.What will happen to Ilya's consumption of peanut butter?

An indifference curve typically:

Use the following to answer questions : -(Figure: Consumer Equilibrium III)Use Figure Consumer Equilibrium III.Given the figure,which of the following statements is TRUE?

Use the following to answer questions : -(Figure: Oreos and Apples)Use Figure Oreos and Apples,which provides an indifference curve map for Diego.The consumption bundle that provides the highest level of utility is bundle:

Use the following to answer questions : -(Figure: Consumer Equilibrium III)Use Figure Consumer Equilibrium III.Given the figure,which of the following is TRUE?

Use the following to answer questions : -(Figure: The Consumption of Video Games and E-Books)Use Figure The Consumption of Video Games and E-Books.Which chart shows the effect of a decrease in income when both video games and e-books are normal goods?

Use the following to answer questions : Figure: The Optimal Consumption Bundle -(Figure: The Optimal Consumption Bundle)Use Figure The Optimal Consumption Bundle.Which of the following could lead to an optimal consumption bundle on indifference curve I₁?

Which of the following is NOT TRUE of indifference curves for ordinary goods?

Use the following to answer questions : Figure: The Optimal Consumption Bundle -(Figure: The Optimal Consumption Bundle)Use Figure The Optimal Consumption Bundle.Which of the following could lead to an optimal consumption bundle on indifference curve I₃?

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

Frank buys only milk and cereal,both of which are normal goods,and he always maximizes his utility.Frank's boss cuts Frank's pay by $200 per month.What happens to Frank's marginal rate of substitution between milk and cereal?

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.Kristin's income is:

Diminishing marginal utility is the reason most indifference curves:

Use the following to answer questions : -(Figure: Indifference Curves and Consumption Bundles)Use Figure Indifference Curves and Consumption Bundles.In the figure,the initial optimum is at a.The price of hot dogs now increases.The change in hot dog consumption due to the substitution effect is:

If good A is a normal good and its price decreases,the _____ effect(s)will cause a(n)_____ in consumption of it.

Use the following to answer questions : Table: Bundles of and Consumption Bundle Quantity of Good X Quantity of Good Y Total Utility (utils) A 2 2 10 B 3 1 10 C 4 4 20 D 1 1 5 -(Table: Bundles of X and Y)Use Table Bundles of X and Y.According to the table:

Use the following to answer questions : -(Figure: Consumer Equilibrium II)Use Figure Consumer Equilibrium II.The LOWEST level of total utility shown in the figure is associated with point _____ on curve _____.

Use the following to answer questions : -(Figure: Consumer Equilibrium II)Use Figure Consumer Equilibrium II.Which of the following is TRUE?

Use the following to answer questions : -Suppose peanut butter is an inferior good for Ilya and the price of peanut butter rises.What will happen to Ilya's consumption of peanut butter?

An indifference curve typically:

Use the following to answer questions : -(Figure: Consumer Equilibrium III)Use Figure Consumer Equilibrium III.Given the figure,which of the following statements is TRUE?

Use the following to answer questions : -(Figure: Oreos and Apples)Use Figure Oreos and Apples,which provides an indifference curve map for Diego.The consumption bundle that provides the highest level of utility is bundle:

Use the following to answer questions : -(Figure: Consumer Equilibrium III)Use Figure Consumer Equilibrium III.Given the figure,which of the following is TRUE?

Use the following to answer questions : -(Figure: The Consumption of Video Games and E-Books)Use Figure The Consumption of Video Games and E-Books.Which chart shows the effect of a decrease in income when both video games and e-books are normal goods?

Use the following to answer questions : Figure: The Optimal Consumption Bundle -(Figure: The Optimal Consumption Bundle)Use Figure The Optimal Consumption Bundle.Which of the following could lead to an optimal consumption bundle on indifference curve I1?

Which of the following is NOT TRUE of indifference curves for ordinary goods?

Use the following to answer questions : Figure: The Optimal Consumption Bundle -(Figure: The Optimal Consumption Bundle)Use Figure The Optimal Consumption Bundle.Which of the following could lead to an optimal consumption bundle on indifference curve I3?

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

If good A is a normal good and its price decreases,the _ effect(s)will cause a(n)_ in consumption of it.

Use the following to answer questions : -(Figure: Consumer Equilibrium II)Use Figure Consumer Equilibrium II.The LOWEST level of total utility shown in the figure is associated with point _ on curve _.

Use the following to answer questions : Figure: The Optimal Consumption Bundle -(Figure: The Optimal Consumption Bundle)Use Figure The Optimal Consumption Bundle.Which of the following could lead to an optimal consumption bundle on indifference curve I₁?

Use the following to answer questions : Figure: The Optimal Consumption Bundle -(Figure: The Optimal Consumption Bundle)Use Figure The Optimal Consumption Bundle.Which of the following could lead to an optimal consumption bundle on indifference curve I₃?