Archives
Economics Chapter 1 I wanted to give students an idea of
Economics Chapter 1 Plot the market demand curve in the following graph
Economics Chapter 10 At what interest rate will she choose
CHAPTER 10: Intertemporal Choice MULTIPLE CHOICE 1. If Peregrine in Problem 1 consumes (1, 400, 1, 210) and earns (900, 1, 760) and if the interest rate is 10%, the present value of his endowment is a. $2,660. b. $2,500. […]
Economics Chapter 10 It would be a mistake to choose the investment
ANS: T DIF: 1 ANS: F DIF: 1 ANS: T DIF: 1 ANS: T DIF: 1 ANS: T DIF: 1 ANS: F DIF: 1 ANS: F ANS: F DIF: 2 CHAPTER 10: Intertemporal Choice TRUE/FALSE 1. An increase in the […]
Economics Chapter 10 Show that this rate can be found by solving
Economics Chapter 10 The consumer will choose a consumption bundle
Economics Chapter 11 A bond is available that can be redeemed either
ANS: F DIF: 1 ANS: F DIF: 1 ANS: F DIF: 1 ANS: T DIF: 1 ANS: T DIF: 1 ANS: F DIF: 1 CHAPTER 11: Asset Markets TRUE/FALSE 1. If the interest rate is 10%, then an asset that […]
Economics Chapter 11 A slightly more difficult problem is one where
Economics Chapter 11 because there is a fixed relationship between the two
Economics Chapter 11 The amount that wine drinkers are willing
CHAPTER 11: Asset Markets MULTIPLE CHOICE 1. Ashley, in Problem 6, has discovered another wine, wine D. Wine drinkers are willing to pay 45 dollars to drink it right now. The amount that wine drinkers are willing to pay will […]
Economics Chapter 12 A local gambler will bet with you at odds
Economics Chapter 12 If someone has strictly convex preferences
ANS: T DIF: 2 ANS: T DIF: 1 ANS: T DIF: 1 ANS: F DIF: 1 ANS: F DIF: 1 ANS: F DIF: 2 CHAPTER 12: Uncertainty TRUE/FALSE 1. Of any two gambles, no matter what their expected returns, a […]
Economics Chapter 12 Sally Will Risk Neutral Her Income Less
CHAPTER 12: Uncertainty MULTIPLE CHOICE 1. In Problem 9, Billy has a von Neumann-Morgenstern utility function U(c) = c1/2. If Billy is not injured this season, he will receive an income of 25 million dollars. If he is injured, his […]
Economics Chapter 12 what consumption or wealth you will get in each
Economics Chapter 13 all of the technical apparatus of consumer theory
Economics Chapter 13 If two assets have the same expected rate of
ANS: T DIF: 1 ANS: T DIF: 1 ANS: T DIF: 1 CHAPTER 13: Risky Assets TRUE/FALSE 1. If two assets have the same expected rate of return but different variances, a risk-averse investor should always choose the one with […]
Economics Chapter 13 Smith Can Obtain The Slope This Budget
CHAPTER 13: Risky Assets MULTIPLE CHOICE 1. Suppose that Ms. Lynch in Problem 1 can make up her portfolio using a risk-free asset that offers a surefire rate of return of 10% and a risky asset with an expected rate […]
Economics Chapter 13 The first is a risk-free asset that offers a rate of return
Economics Chapter 14 Consumers Surplus multiple Choice1 Problem Sir
CHAPTER 14: Consumer’s Surplus MULTIPLE CHOICE 1. In Problem 1, Sir Plus has a demand function for mead that is given by the equation D(p) = 100 − p. If the price of mead is $85, how much is Sir […]
Economics Chapter 14 Poindexter Buy The Cheapest bundle That Likes Well
ANS: T DIF: 1 ANS: F DIF: 1 ANS: T DIF: 2 ANS: F DIF: 1 ANS: F DIF: 2 ANS: F DIF: 2 ANS: F DIF: 1 ANS: F DIF: 2 CHAPTER 14: Consumer’s Surplus TRUE/FALSE 1. Consumer’s surplus […]
Economics Chapter 14 want a measure of how much a person is willing to
Economics Chapter 14 we can use the ideas of the compensating variation
Economics Chapter 15 Here are some drills on price elasticities
Economics Chapter 15 Inverse of aggregate demand curve measures the MRS for each
Economics Chapter 15 the only quantities of good 1 that Barbie can
CHAPTER 15: Market Demand MULTIPLE CHOICE 1. In Problem 1, suppose every Buick owner’s demand for gasoline is 20 − 5p for p less than or equal to 4 and 0 for p 4. Every Dodge owner’s demand is […]
Economics Chapter 15 then changes in consumption at the intensive margin
ANS: F DIF: 2 ANS: T DIF: 1 ANS: T DIF: 1 ANS: T DIF: 1 ANS: F DIF: 1 ANS: F DIF: 2 ANS: F DIF: 1 CHAPTER 15: Market Demand TRUE/FALSE 1. The inverse demand curve P(x) for […]
Economics Chapter 16 How Much Money Does Cost The Government
ANS: F DIF: 1 ANS: T DIF: 1 ANS: F DIF: 1 ANS: F DIF: 1 ANS: T DIF: 1 ANS: F DIF: 1 ANS: T DIF: 2 CHAPTER 16: Equilibrium TRUE/FALSE 1. If the supply curve is vertical, then […]
Economics Chapter 16 Now we have two equations in the two unknowns
Economics Chapter 16 The Authorities Made It illegal Rent Apartment For
CHAPTER 16: Equilibrium MULTIPLE CHOICE 1. This problem will be easier if you have done Problem 3. The inverse demand function for grapefruit is defined by the equation p = 282 − 9q, where q is the number of units […]
Economics Chapter 16 then the amount demanded will be different than
Economics Chapter 17 how many cups of coffee consumed per person per day
Economics Chapter 17 There are currently no exercises for this chapter
Economics Chapter 18 Assuming That The Two Bidders Bid Rationally
CHAPTER 18: Auctions MULTIPLE CHOICE 1. First Fiddler’s Bank has foreclosed on a home mortgage and is selling the house at auction. There are three bidders for the house, Jesse, Shelia, and Elsie. First Fiddler’s does not know the willingness […]
Economics Chapter 18 Auctions are one of the oldest form of markets
Economics Chapter 18 There Are Two Bidders The Dealer Believes
ANS: T ANS: T ANS: T ANS: F ANS: T ANS: F ANS: F ANS: F CHAPTER 18: Auctions TRUE/FALSE 1. In a Dutch auction with rational bidders, it sometimes happens that the object being sold goes to someone whose […]
Economics Chapter 18 Who would get the moose head and how much would
Economics Chapter 19 Need a way to describe the technological constraints
Economics Chapter 19 Now we draw a straight line on the graph
ANS: F DIF: 1 ANS: F DIF: 1 ANS: T DIF: 2 ANS: F DIF: 1 ANS: T DIF: 2 ANS: T DIF: 1 ANS: T DIF: 2 ANS: T DIF: 2 CHAPTER 19: Technology TRUE/FALSE 1. The production set […]
Economics Chapter 19 There is one important difference between production
Economics Chapter 19 This problem will be easier if you have done
CHAPTER 19: Technology MULTIPLE CHOICE 1. This problem will be easier if you have done Problem 1. A firm has the production function $f(x1, x2) = x2.501×0.502. The isoquant on which output is 505/10 has the equation a. x2 = […]
Economics Chapter 2 Most of the material here is pretty straightforward
Economics Chapter 2 you know that a unique line can be drawn through
Economics Chapter 20 a firm is able to vary all of its inputs
Economics Chapter 20 how much profit will the firm make if
CHAPTER 20: Profit Maximization MULTIPLE CHOICE 1. In Problem 1, the production function is given by F(L) = 6L2/3. Suppose that the cost per unit of labor is $8 and the price of output is 4, how many units of […]
Economics Chapter 20 If the price of the output of a profit
ANS: F DIF: 1 ANS: T DIF: 1 ANS: F DIF: 2 ANS: T DIF: 2 ANS: T DIF: 1 ANS: F DIF: 2 ANS: F DIF: 1 CHAPTER 20: Profit Maximization TRUE/FALSE 1. The weak axiom of profit-maximizing behavior […]
Economics Chapter 20 The rest of the material in the chapter is fairly standard
Economics Chapter 21 Both sections are just exploring various definitions
Economics Chapter 21 Gallons Juice Are Made From Baskets
ANS: T DIF: 1 ANS: F DIF: 2 ANS: F DIF: 1 ANS: F DIF: 1 ANS: F DIF: 3 ANS: F DIF: 3 ANS: F DIF: 2 ANS: F DIF: 2 CHAPTER 21: Cost Minimization TRUE/FALSE 1. Quasi-fixed costs […]
Economics Chapter 21 how much will it cost her to produce 70 units
CHAPTER 21: Cost Minimization MULTIPLE CHOICE 1. Suppose that Nadine in Problem 1 has a production function 3×1 + x2. If the factor prices are $3 for factor 1 and $3 for factor 2, how much will it cost her […]
Economics Chapter 21 Let us find the cheapest way to produce 16 units
Economics Chapter 22 If it is also possible for Rex to buy
CHAPTER 22: Cost Curves MULTIPLE CHOICE 1. In Problem 2, if Mr. Dent Carr’s total costs were 5s2 + 50s + 20, then if he repairs 10 cars, his average variable costs will be a. $100. b. $102. c. $150. […]
Economics Chapter 22 If the average cost curve is U-shaped
ANS: F DIF: 1 ANS: F DIF: 2 ANS: F DIF: 1 ANS: F DIF: 1 ANS: T DIF: 1 ANS: T DIF: 1 ANS: F DIF: 1 ANS: F DIF: 2 ANS: F DIF: 1 CHAPTER 22: Cost Curves […]
Economics Chapter 22 marginal cost equals AVC at zero units of output
Economics Chapter 22 What is his total cost if he sells 10 cars
Economics Chapter 23 A firm in a competitive industry takes account
ANS: T DIF: 1 ANS: F DIF: 1 ANS: T DIF: 2 ANS: T DIF: 3 ANS: F DIF: 1 ANS: F DIF: 2 ANS: F DIF: 2 ANS: F DIF: 2 CHAPTER 23: Firm Supply TRUE/FALSE 1. A firm […]
Economics Chapter 23 Problem Suppose That Irmas Production Function
CHAPTER 23: Firm Supply MULTIPLE CHOICE 1. Suppose that Dent Carr’s long-run total cost of repairing s cars per week is c(s) = 2s2 + 50. If the price he receives for repairing a car is $8, then in the […]
Economics Chapter 23 technological constraints summarize in cost function
Economics Chapter 23 the best the firm can do if it produces
Economics Chapter 24 If there are specific factors that prevent entry
Economics Chapter 24 that it was discovered to everyone’s surprise
CHAPTER 24: Industry Supply MULTIPLE CHOICE 1. In Problem 1, if the cost of plaster and labor were $11 per gnome and everything else is as in the problem (gnome molds cost $1,000, interest rate is 10%), what is the […]
Economics Chapter 24 the land is fertile and flat and the growing
ANS: T DIF: 2 ANS: T DIF: 1 ANS: T DIF: 2 ANS: T DIF: 2 ANS: T DIF: 1 ANS: F DIF: 1 CHAPTER 24: Industry Supply TRUE/FALSE 1. The short-run industry supply curve can be found by horizontally […]
Economics Chapter 24 Here are some drills for you on finding market
Economics Chapter 25 A firm has invented a new beverage
CHAPTER 25: Monopoly MULTIPLE CHOICE 1. In Problem 1, if the demand schedule for Bong’s book is Q = 2,000 − 100p, the cost of having the book typeset is $9,000, and the marginal cost of printing an extra book […]
Economics Chapter 25 I often talk about the current hot topic of
Economics Chapter 25 Since a monopoly makes excess profits beyond
ANS: F DIF: 2 ANS: F DIF: 1 ANS: F DIF: 1 ANS: T DIF: 1 ANS: T DIF: 1 ANS: T DIF: 2 ANS: T DIF: 1 CHAPTER 25: Monopoly TRUE/FALSE 1. Since a monopoly charges a price higher […]
Economics Chapter 25 The total revenue function for Professor Bong
Economics Chapter 26 A discriminating monopolist is able to charge
ANS: F DIF: 1 ANS: F DIF: 2 ANS: T DIF: 2 ANS: T DIF: 3 ANS: T DIF: 1 ANS: F DIF: 1 ANS: F DIF: 2 CHAPTER 26: Monopoly Behavior TRUE/FALSE 1. Third-degree price discrimination occurs when a […]
Economics Chapter 26 Ferdinand Sludge has just written a disgusting new book
Economics Chapter 26 Raise Both And P2b Raise And Lower
CHAPTER 26: Monopoly Behavior MULTIPLE CHOICE 1. In Problem 1, if demand in the United States is given by Q1 = 7,200 − 300p1, where p1 is the price in the United States, and if the demand in England is […]
Economics Chapter 26 the Hotelling boardwalk example is very useful
Economics Chapter 27 A monopsony occurs when two previously competing
ANS: F DIF: 1 ANS: T DIF: 1 ANS: F DIF: 2 ANS: F DIF: 2 ANS: F DIF: 2 ANS: T DIF: 1 ANS: F DIF: 1 CHAPTER 27: Factor Markets TRUE/FALSE 1. A monopsony occurs when two previously […]
Economics Chapter 27 Another thing we study in this chapters is monopsony
Economics Chapter 27 sometimes the cure is worse than the disease
Economics Chapter 27 Suppose That The Labor Supply Curve
CHAPTER 27: Factor Markets MULTIPLE CHOICE 1. Suppose that in Problem 2, the demand curve for mineral water is given by p = 20 − 16q, where p is the price per bottle paid by consumers and q is the […]
Economics Chapter 28 The idea that a Cournot equilibrium approaches
Economics Chapter 28 the inverse demand for bean sprouts were given
CHAPTER 28: Oligopoly MULTIPLE CHOICE 1. Suppose that the duopolists Carl and Simon in Problem 1 face a demand function for pumpkins of Q = 16,400 − 400P, where Q is the total number of pumpkins that reach the market […]
Economics Chapter 28 The Supply Function All The Small firms Together
ANS: F DIF: 1 ANS: T DIF: 1 ANS: T DIF: 1 ANS: F DIF: 1 ANS: T DIF: 1 ANS: T DIF: 2 ANS: F DIF: 2 CHAPTER 28: Oligopoly TRUE/FALSE 1. In Cournot equilibrium each firm chooses the […]
Economics Chapter 28 Therefore if Carlson is going to bake qc units
Economics Chapter 29 Everybody Worse Off All Contribute
CHAPTER 29: Game Theory MULTIPLE CHOICE 1. (See Problem 1.) Alice and Betsy are playing a game in which each can play either of two strategies, leave or stay. If both play the strategy leave, then each gets a payoff […]
Economics Chapter 29 Swerve Called Chicken And Gets Payoff Zero
ANS: F DIF: 2 ANS: F DIF: 2 ANS: F DIF: 1 ANS: F DIF: 1 ANS: F DIF: 1 ANS: T DIF: 1 ANS: T DIF: 1 ANS: F DIF: 1 CHAPTER 29: Game Theory TRUE/FALSE 1. A situation […]
Economics Chapter 29 This opens the possibility of tit-for-tat
Economics Chapter 29 whether or not Victoria chooses to clean
Economics Chapter 3 Students often begin to have problems
Economics Chapter 3 The pain of the extra housekeeping should
Economics Chapter 30 Consider The Goalies Anxiety The Penalty Kick
ANS: F ANS: F ANS: T CHAPTER 30: Game Applications TRUE/FALSE 1. Alec and Kim used to be much better friends than they are now. The problem is what to do about Christmas gifts? If they wait until Christmas morning […]
Economics Chapter 30 Let us suppose that if the pitcher throws high
Economics Chapter 30 the rational strategy for the victim is to go
Economics Chapter 30 What is the mixed strategy equilibrium for Arthur
CHAPTER 30: Game Applications MULTIPLE CHOICE 1. (See Problem 2.) Arthur and Bertha are asked by their boss to vote on a company policy. Each of them will be allowed to vote for one of three possible policies, A, B, […]
Economics Chapter 31 Choices may depend on how they are presented or framed
Economics Chapter 31 Darryl hates working on papers and likes to postpone
Economics Chapter 31 The Brochure They Send Their Customers describes Surgery
ANS: F ANS: F ANS: F ANS: T ANS: T ANS: F ANS: T CHAPTER 31: Behavioral Economics TRUE/FALSE 1. Psychologists and behavioral economists argue that preferences are “discovered,” as opposed to a preexisting guide to choice. 2. According to […]
Economics Chapter 32 Any feasible allocation of flowers between Alice
Economics Chapter 32 Charlie hasan initial endowment of 6 apples
CHAPTER 32: Exchange MULTIPLE CHOICE 1. An economy has two people, Charlie and Doris. There are two goods, apples and bananas. Charlie has an initial endowment of 6 apples and 4 bananas. Doris has an initial endowment of 12 apples […]
Economics Chapter 32 If demand varies continuously with price
ANS: T DIF: 1 ANS: F DIF: 1 ANS: T DIF: 2 ANS: T DIF: 1 ANS: T DIF: 1 ANS: T DIF: 1 ANS: T DIF: 2 ANS: T DIF: 1 CHAPTER 32: Exchange TRUE/FALSE 1. Partial equilibrium analysis […]
Economics Chapter 32 The implications of the first and second welfare
Economics Chapter 33 let us imagine an island with only two people on it
Economics Chapter 33 the efficacy of the price system depends on the nature
Economics Chapter 33 The marginal rate of transformation between
ANS: F DIF: 1 ANS: T DIF: 1 ANS: F DIF: 2 CHAPTER 33: Production TRUE/FALSE 1. If there are constant returns to scale in an industry, then in competitive equilibrium, profits in that industry must necessarily be zero. 2. […]
Economics Chapter 33 Tip will spend all of his time writing term
CHAPTER 33: Production MULTIPLE CHOICE 1. Suppose that in Problem 1, Tip can write 5 pages of term papers or solve 10 workbook problems in an hour, while Spot can write 2 pages of term papers or solve 2 workbook […]
Economics Chapter 34 A Borda count is used to decide an election
CHAPTER 34: Welfare MULTIPLE CHOICE 1. A Borda count is used to decide an election between three candidates, x, y, and z, where a score of 1 is awarded to a first choice, 2 to a second choice, and 3 […]
Economics Chapter 34 Each voter is asked to rank all of the alternatives
Economics Chapter 34 Incorporate distributional considerations into the
Economics Chapter 34 The utility possibilities frontier is the boundary
ANS: F ANS: F ANS: T DIF: 2 ANS: F ANS: F DIF: 2 ANS: F ANS: T ANS: T DIF: 2 CHAPTER 34: Welfare TRUE/FALSE 1. According to Arrow’s impossibility theorem, it is impossible to find a social ordering […]
Economics Chapter 35 A trade between two people is an example of an
ANS: F DIF: 1 ANS: F DIF: 1 ANS: F DIF: 1 ANS: F DIF: 2 ANS: T DIF: 1 ANS: F DIF: 1 ANS: T DIF: 1 ANS: F DIF: 1 CHAPTER 35: Externalities TRUE/FALSE 1. A trade between […]
Economics Chapter 35 Gas And Auto Repairs Cost Per hour Driving
CHAPTER 35: Externalities MULTIPLE CHOICE 1. Suppose that in Horsehead, Massachusetts, the cost of operating a lobster boat is $2,000 per month. Suppose that if x lobster boats operate in the bay, the total monthly revenue from lobster boats in […]
Economics Chapter 35 then there is a natural market signal to internalize
Economics Chapter 35 Evidently the consumers could afford to bribe the factory
Economics Chapter 36 Mighty Soft can influence the perceived market share of
Economics Chapter 36 The cost to a student of owning the book during
CHAPTER 36: Information Technology MULTIPLE CHOICE 1. If the demand function for the DoorKnobs operating system is related to perceived market share s and actual market share x by the equation p = 512s(1 − x), then in the long […]
Economics Chapter 36 The next two topics in this chapter have to do
Economics Chapter 36 Network externalities are a special kind of externality
ANS: F ANS: F ANS: F ANS: T ANS: F ANS: F ANS: F CHAPTER 36: Information Technology TRUE/FALSE 1. Network externalities are a special kind of externality in which people care about the number of other people who consume […]
Economics Chapter 37 I both consume ham sandwiches and bananas
Economics Chapter 37 I know had his class use a Clarke tax procedure
Economics Chapter 37 Recall Bob And Ray Problem They
CHAPTER 37: Public Goods MULTIPLE CHOICE 1. Just north of the town of Muskrat, Ontario, in Problem 1, is the town of Brass Monkey, population 4,500. Brass Monkey, like Muskrat, has a single public good, the town skating rink and […]
Economics Chapter 37 The Maximum Amount That They Could Pay
ANS: T DIF: 1 ANS: F DIF: 1 ANS: T DIF: 1 ANS: F DIF: 2 ANS: F DIF: 2 ANS: F DIF: 1 ANS: F DIF: 2 CHAPTER 37: Public Goods TRUE/FALSE 1. To say that preferences are single […]
Economics Chapter 38 How many low-quality sharpeners would you expect
Economics Chapter 38 There Separating Equilibrium Which High Productivity
ANS: T DIF: 1 ANS: F DIF: 1 ANS: T DIF: 1 ANS: T DIF: 1 ANS: F DIF: 1 ANS: F DIF: 1 CHAPTER 38: Asymmetric Information TRUE/FALSE 1. An insurance company must be concerned about the possibility that […]
Economics Chapter 38 There will Separating Equilibrium Which Anybody Who
CHAPTER 38: Asymmetric Information MULTIPLE CHOICE 1. Suppose that low-productivity workers all have marginal products of 10 and high-productivity workers all have marginal products of 15. The community has equal numbers of each type of worker. The local community college […]
Economics Chapter 38 we have assumed complete information know the quality
Economics Chapter 4 This analogy can also be used to explore
Economics Chapter 4 you can calculate an approximation to marginal utility
Economics Chapter 5 Here is how you find a point of tangency if
Economics Chapter 5 move along the budget line until preferred set
Economics Chapter 6 A list of these ideas along with their definitions
Economics Chapter 6 When the consumer is choosing positive amounts
Economics Chapter 7 Once students understand the idea of revealed preference
Economics Chapter 7 One way to make this comparison is to compare the costs
Economics Chapter 8 I usually skip the Optional sections in this
Economics Chapter 8 income and substitution effects act in opposite directions
Economics Chapter 9 A peasant consumes only rice and fish
Economics Chapter 9 A person with reflexive preferences is someone
ANS: F DIF: 1 ANS: F DIF: 1 ANS: T DIF: 2 ANS: F DIF: 2 ANS: F DIF: 2 ANS: F DIF: 1 ANS: F DIF: 1 ANS: T DIF: 2 CHAPTER 3: Preferences TRUE/FALSE 1. If preferences are […]
Economics Chapter 9 Ambrose’s brother Bartholomew has an income
CHAPTER 6: Demand MULTIPLE CHOICE 1. In Problem 1, if Charlie’s utility function were X 5A XB, if apples cost 70 cents each, and if bananas cost 10 cents each, Charlie’s budget line would be tangent to one of his […]
Economics Chapter 9 Goods 1 and 2 are perfect complements
CHAPTER 8: Slutsky Equation MULTIPLE CHOICE 1. In Problem 1, Charlie’s utility function is xAxB. The price of apples used to be $1 per unit, and the price of bananas $2 per unit. His income was $40 per day. If […]
Economics Chapter 9 He initially faced prices of $25 per bushel
CHAPTER 9: Buying and Selling MULTIPLE CHOICE 1. In Problem 1, if Abishag owned 12 quinces and 20 kumquats and if the price of kumquats is 3 times the price of quinces, how many kumquats could she afford if she […]
Economics Chapter 9 how many apples would there be in the best
CHAPTER 5: Choice MULTIPLE CHOICE 1. In Problem 1, Charlie has a utility function U(xA, xB) = xAxB, the price of apples is $1, and the price of bananas is $2. If Charlie’s income were $320, how many units of […]
Economics Chapter 9 If a person is a net seller of some good and
ANS: F DIF: 2 ANS: T DIF: 1 ANS: T DIF: 1 ANS: F DIF: 2 ANS: T DIF: 2 ANS: F DIF: 2 ANS: F DIF: 2 CHAPTER 9: Buying and Selling TRUE/FALSE 1. If a rational utility maximizer […]
Economics Chapter 9 If the demand curve is a downward-sloping straight
ANS: F DIF: 1 ANS: T DIF: 1 ANS: T DIF: 2 ANS: F DIF: 1 ANS: F DIF: 2 ANS: T DIF: 2 ANS: F DIF: 2 ANS: T DIF: 1 CHAPTER 6: Demand TRUE/FALSE 1. If preferences are […]
Economics Chapter 9 If there are two goods with positive prices
ANS: F DIF: 1 ANS: F DIF: 1 ANS: T DIF: 1 ANS: F DIF: 1 ANS: F DIF: 1 ANS: F DIF: 1 ANS: T DIF: 1 ANS: T DIF: 1 CHAPTER 2: Budget Constraint TRUE/FALSE 1. If there […]
Economics Chapter 9 Martha could read 30 pages of economics and
CHAPTER 2: Budget Constraint MULTIPLE CHOICE 1. In Problem 1, if you have an income of $18 to spend, if commodity 1 cost $3 per unit, and if commodity 2 costs $9 per unit, then the equation for your budget […]
Economics Chapter 9 Minnie Hates Mosquito Bites But The cheapest Lake
ANS: F DIF: 2 ANS: F DIF: 2 ANS: T DIF: 2 ANS: F DIF: 2 ANS: T DIF: 1 ANS: T DIF: 2 ANS: F DIF: 2 CHAPTER 5: Choice TRUE/FALSE 1. At a boundary optimum, a consumer’s indifference […]
Economics Chapter 9 Nancy Lerner is taking a course from Professor
CHAPTER 3: Preferences MULTIPLE CHOICE 1. In Problem 1, Charlie’s indifference curves have the equation xB = constant/xA, where larger constants correspond to better indifference curves. Charlie strictly prefers the bundle (5, 13) to the bundle a. (13, 5). b. […]
Economics Chapter 9 Taking Away Some Good And Giving Mars
ANS: F DIF: 2 ANS: T DIF: 1 ANS: F DIF: 1 ANS: F DIF: 3 ANS: T DIF: 2 ANS: T DIF: 3 ANS: T DIF: 2 ANS: F DIF: 2 CHAPTER 4: Utility TRUE/FALSE 1. With quasilinear preferences, […]
Economics Chapter 9 the treatment in the appendix to this chapter will
Economics Chapter 9 then he will buy x whenever he can afford
ANS: T DIF: 1 ANS: T DIF: 2 ANS: T DIF: 1 ANS: F DIF: 1 ANS: F DIF: 2 ANS: F DIF: 1 ANS: F DIF: 2 CHAPTER 7: Revealed Preference TRUE/FALSE 1. The strong axiom of revealed preference […]
Economics Chapter 9 When the price of a good rises and income
ANS: F DIF: 1 ANS: F DIF: 1 ANS: F DIF: 2 ANS: F DIF: 2 ANS: T DIF: 1 ANS: T DIF: 1 ANS: F DIF: 1 ANS: F DIF: 1 CHAPTER 8: Slutsky Equation TRUE/FALSE 1. A Giffen […]
Economics Chapter 9 Which The Following Utility Functions is The Only
CHAPTER 4: Utility MULTIPLE CHOICE 1. In Problem 1, Charlie has the utility function U(xA, xB) = xAxB. His indifference curve passing through 6 apples and 16 bananas will also pass through the point where he consumes 2 apples and […]
Economics Chapter 9 Pierre’s friend Marcel lives in a town
CHAPTER 7: Revealed Preference MULTIPLE CHOICE 1. In Problem 1, if the only information we had about Goldie were that she chooses the bundle (6, 6) when prices are (6, 7) and she chooses the bundle (10, 0) when prices […]