Exam 2 Chapters 8-9
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| show | shift toward the origin on the apples axis only.
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| show | the satisfaction from consuming a good.
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| As Sean's consumption of rice goes up, his | show 🗑
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| Mark's marginal utility from reading books is the ____ when he reads _____. | show 🗑
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| show | sum of the marginal utilities of all slices eaten
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| The total utility from three skirts is | show 🗑
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| Which of the following is consistent with the assumptions of marginal utility theory? | show 🗑
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| If Pete enjoys his first pancake of the morning much more than his fifth pancake of the morning, he is exhibiting | show 🗑
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| show | positive and rising at a decreasing rate
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| Jeannie's marginal utility from her 4th book in a month is 50. Her marginal utility from her 5th book.. | show 🗑
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| show | she is maximizing her utility, given her income and the prices of goods and services
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| Liane maximizes her total utility when she allocates all of her available income such that the marginal utility per dollar spen on each good.... | show 🗑
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| show | the combination that gives him the same marginal utility per dollar spent on pies as on soda
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| show | his total utility
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| Emma consumes only hot dogs and hamburgers. She is at her consumer equilibrium. Hot dogs and hamburgers have the same marginal utility. Thus | show 🗑
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| Tom spends all his income on comics and cola and maximizes his total utility. If the price of a comic is $4 and the price of a can of cola is $1, then the ratio of the _____ is 4. | show 🗑
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| A budget line shows the | show 🗑
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| show | what is affordable and what is not affordable
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| show | 3
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| Suppose that Dave has $200 to spend per week and he buys only magazines and pizza. The price of a pizza is $10 and the price of a magazine is $5. What is the maximum amount of pizza Dave can buy each week? | show 🗑
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| Suppose that Dave has $200 to spend per week and he buys only magazines and pizza. The price of a pizza is $10 and the price of a magazine is $5. If dave buys 15 pizza each week, what is the max number of magazines he can buy? | show 🗑
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| show | purchasing power of a given income
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| Suppose that Dave has $200 to spend per week and he buys only magazines and pizza. The price of a pizza is $10 and the price of a magazine is $5. What is Dave's real income in terms of magazines? | show 🗑
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| show | is 4 pizzas or 40 tacos
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| show | gasoline decreases
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| The price of one good divided by the price of another good is a ____ | show 🗑
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| If the relative price of a pizza in terms of movies is 3, this means that | show 🗑
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| show | 2 slices of cake per cookie
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| show | rise;fall
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| The magnitude of the slope of the budget line is determined by | show 🗑
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| Nick consumes two goods, chips and lemonade. Located on the x-axis is the quantity of chips and on the y-axis is the quantity of lemonade. The magnitude of the slope of the budget line equals the --- | show 🗑
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| If all prices rise by 5 percent and money income remains constant, the new budget line will have | show 🗑
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| show | becomes flatter
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| Joe has $50, which he spends on movies and pizza. If the price of pizza falls, Joe can | show 🗑
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| Sharmila has a budget line for DVDs and books. DVDs are on the vertical axis and books on the horizontal. Her budget line becomes steeper as | show 🗑
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| If an individual's income increases, | show 🗑
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| show | which the consumer prefers equally
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| show | quantity of one good on the vertical axis and the quantity of another good on the horizontal axis
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| show | marginal rate of substitution
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| show | is equal to the marginal rate of substitution
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| show | is diminishing
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| show | smaller her marginal rate of substitution
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| Bobby moves along an indifference curve for shirts and pants by increasing consumption of shirts and decreasing consumption of pants. As bobby has more and more pants, the number of shirts he is willing to trade for yet another pair of pants --- | show 🗑
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| If green bikes and brown bikes are perfect substitutes, the corresponding indifference curves | show 🗑
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| show | right- angled lines
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| If Bill thinks tacos and turkey sandwiches are perfect substitutes, the his indifference curves for these two goods -- | show 🗑
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| show | must equal
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| show | higher indifference curve
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| If Sue is consuming two normal goods and her income decreases, then her best affordable bundle of goods will contain _____ goods with ____ marginal rate of substitution as her bundle prior to her income change. | show 🗑
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| show | price ; substitution ; income
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| show | substitution effect
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| When the price of a normal good decreases, the _____ can be divided between the ____, which keeps the best affordable point on the same indifference curve and the ___, which moves the best affordable point farther away from the origin. | show 🗑
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