A) The price of books decreases.
B) The price of books increases.
C) The price of movie tickets increases.
D) The price of movie tickets decreases.
Correct Answer
verified
Multiple Choice
A) 1,160
B) 1,300
C) 950
D) 2,220
Correct Answer
verified
Multiple Choice
A) is solely used to measure an individual's satisfaction with consumption choices.
B) can be used broadly to think about choices that are motivated by satisfaction, envy, status, or kindness.
C) assumes that individuals seek to increase their own personal satisfaction regardless of others.
D) None of these are true.
Correct Answer
verified
Multiple Choice
A) increase his consumption of both rounds of golf and tanning sessions.
B) double his consumption of rounds of golf.
C) consume more rounds of golf and fewer tanning sessions.
D) consume fewer rounds of golf and more tanning sessions.
Correct Answer
verified
Multiple Choice
A) $18
B) $16
C) $56
D) Cannot be determined without more information.
Correct Answer
verified
Multiple Choice
A) Jordan will spend twice as much on burritos as she does on salads.
B) Jordan could consume either four salads or eight burritos.
C) Jordan gets twice as much utility from salads as she does from burritos.
D) All of these are correct.
Correct Answer
verified
Multiple Choice
A) increase, because she can afford more of both goods now.
B) decrease, because the marginal utility of consuming additional items decreases.
C) decrease, because she would be buying more of these goods than desired.
D) decrease, because the marginal utility of consuming additional items increases.
Correct Answer
verified
Multiple Choice
A) Doug loses his job.
B) Doug finds soda at a warehouse outlet for a lower price.
C) Doug's grocery store raises the price of milk by 10 percent.
D) Doug's grocery store lowers all prices by 33 percent.
Correct Answer
verified
Multiple Choice
A) reduce his total utility.
B) not reduce his total utility.
C) be less than the utility he received from the second popsicle, but will still increase his total utility.
D) be less than the utility he received from the second popsicle, and may increase or decrease his total utility.
Correct Answer
verified
Multiple Choice
A) total utility will rise, peak, and then decline as more and more units are consumed.
B) consuming more and more units of a good will eventually cause marginal utility to increase.
C) total utility will increase by decreasing amounts until it is maximized, after which it declines.
D) total utility is maximized at the point at which the marginal utility is greatest.
Correct Answer
verified
Multiple Choice
A) Caleb's total utility decreases as the number of shoes increases.
B) Caleb does not like shoes.
C) Caleb's total utility is negative after eight pairs of shoes.
D) Caleb's total utility starts decreasing after eight pairs of shoes.
Correct Answer
verified
Multiple Choice
A) constraints.
B) utility.
C) income.
D) values.
Correct Answer
verified
Multiple Choice
A) steeper; movie theater tickets; less
B) flatter; movie theater tickets; more
C) steeper; movie rentals; less
D) flatter; movie rentals; more
Correct Answer
verified
Multiple Choice
A) comparing the relative satisfaction different consumers receive from a particular good.
B) predicting whether a good or service will sell more if the price is lowered.
C) quantitatively describing a person's preferences for one good over another.
D) describing exactly how much an individual values one particular good.
Correct Answer
verified
Multiple Choice
A) shifts straight out, maintaining the same slope.
B) shifts straight in, maintaining the same slope.
C) rotates out and becomes flatter.
D) rotates in and becomes steeper.
Correct Answer
verified
Multiple Choice
A) Individuals sometimes ignore the utility of a choice.
B) Individuals' utility can be influenced by other people's perceptions of them.
C) Utility is not an appropriate measure for every model of behavior.
D) Individuals are sometimes irrational.
Correct Answer
verified
Multiple Choice
A) he still has $5 left to spend.
B) the price of ice cream must have increased to $8.
C) the price of popsicles must have decreased.
D) None of these are true.
Correct Answer
verified
Multiple Choice
A) The price of books increases.
B) The price of books decreases.
C) The price of movie tickets increases.
D) The price of movie tickets decreases.
Correct Answer
verified
Multiple Choice
A) is revealing a strong distaste for New Balance running shoes.
B) will always choose Nike over any other shoe brand.
C) receives more utility per dollar from Nike running shoes than any other pair in the store.
D) would receive disutility from other pairs of running shoes.
Correct Answer
verified
Multiple Choice
A) more bundles of goods and services become affordable.
B) fewer bundles of goods and services become affordable.
C) there is no change in how many bundles of goods and services become affordable.
D) more expensive bundles of goods and services become affordable.
Correct Answer
verified
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