Exam 5: Consumer Choice
Exam 1: Economics: the Core Issues151 Questions
Exam 2: The Useconomy: a Global View152 Questions
Exam 3: Supply and Demand162 Questions
Exam 4: The Role of Government153 Questions
Exam 5: Consumer Choice138 Questions
Exam 6: Elasticity147 Questions
Exam 7: The Costs of Production157 Questions
Exam 8: The Competitive Firm149 Questions
Exam 9: Competitive Markets151 Questions
Exam 10: Monopoly153 Questions
Exam 11: Oligopoly152 Questions
Exam 12: Monopolistic Competition150 Questions
Exam 13: Natural Monopolies: Deregulation151 Questions
Exam 14: Environmental Protection150 Questions
Exam 15: The Farm Problem148 Questions
Exam 16: The Labor Market149 Questions
Exam 17: Labor Unions151 Questions
Exam 18: Financial Markets148 Questions
Exam 19: Taxes: Equity Versus Efficiency149 Questions
Exam 20: Transfer Payments: Welfare and Social Security148 Questions
Exam 21: International Trade155 Questions
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Use the indifference curves and the budget lines in Figure 19.3 to answer the indicated question.Assume the price of Y is $1 per unit.If the price per unit of good X is $1, the optimal consumption is found at point

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Complete Table 19.2 below:
Quantity Total Marginal Consumed Utility Utility 1 15 15 2 - 9 3 30 - 4 - 3
Table
Utility Schedule In Table 19.2, the total utility when four units are consumed is
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Sellers can increase total revenues by charging different individuals the maximum they are willing to pay.
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As more satisfaction is achieved from consuming a good with diminishing marginal utility, then total utility
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If marginal utility is rising, then total utility must be falling.
(True/False)
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A consumer maximizes total utility from a given amount of income when the
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Refer to Figure 19.2.With no budget constraint, a rational consumer will consume _________ apple(s).

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Price discrimination occurs when stores mark down products for sale.
(True/False)
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All of the possible combinations of two goods that lie on one indifference curve
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An individual's consumer surplus is the difference between the maximum price that she or he is willing to pay and the actual price.
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Colleges do not engage in price discrimination because it is illegal.
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Consumers who actually purchase a good either were willing to pay that price or more.
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Use the indifference curves and the budget lines in Figure 19.3 to answer the indicated question.Assume the price of Y is $1 per unit.If the price per unit of good X is $1, the consumer would maximize utility by consuming

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The In the News article titled "Men vs.Women: How They Spend" differentiates the spending habits of women and men: "Men spend almost twice as much as women do on electronic equipment … young women spend twice as much money on clothing, personal care items, and their pets." Which determinant of demand is most likely involved?
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Which of the following is used to depict all combinations of goods that are affordable with a given income and given prices?
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