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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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Question
Answer
Suppose Jill's consumption bundle is made up of 2 goods, apples, and bottles of juice. If the price of an apple increases, the Jill's budget line would...   show
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Utility is best defined as   show
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show total utility from consuming rice increases  
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show change in his total utility; one additional book  
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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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When Frankie spends all his money in such a way that the marginal utility per dollar is the same for all final purchases of products he consumes, Frankie has maximized...   show
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show the price of a hot dog and the price of a hamburger must be the same  
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show marginal utility from comics to the marginal utility from cola  
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A budget line shows the   show
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For a consumer, a budget line shows the boundary between   show
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show 3  
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show 20  
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show 10  
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show purchasing power of a given income  
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show 40  
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John has $40 to spend on pizza and tacos. Pizza costs $10 each and tacos are $1 per taco. John's real income ...   show
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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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show consume more of both goods  
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show the price of DVD falls  
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show the person's budget line shifts outward in a parallel manner  
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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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The magnitude of the slope of an indifference curve ---   show
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show is diminishing  
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show smaller her marginal rate of substitution  
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show decreases  
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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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show are negatively sloped and linear  
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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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The ______ effect can be divided into the _____ effect and the _____ effect.   show
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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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