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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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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