Figure: Budget Lines for Oranges and Apples
Reference: Ref 10-7
(Figure: Budget Lines for Oranges and Apples) Look at the figures Budget Lines for Oranges
and Apples. For some time, Antonio has had $5 per month to spend on oranges and apples.
The price of an orange is $0.50 and the price of an apple is $0.25. Which of the charts shows
what will happen to his budget line if the prices of the two goods double?
Answer Chart A
111. Multiple Choice: Figure: Budget Lines for Oranges and ...
Question
Points: 0
Figure: Budget Lines for Oranges and Apples
Reference: Ref 10-7
(Figure: Budget Lines for Oranges and Apples) Look at the figures Budget Lines for Oranges
and Apples. For some time, Antonio has had $5 per month to spend on oranges and apples.
The price of an orange is $0.50 and the price of an apple is $0.25. Which of the charts shows
what will happen to his budget line if the prices of the two goods fall by 20%?
112. Multiple Choice: Adam has a monthly income of $20 that…
Question Adam has a monthly income of $20 that can be spent on books (B) and pencils (P). The price
of a book is $5 and the price of a pencil is $0.50. The equation for Adam’s daily budget
constraint can be written as:
113. Multiple Choice: Adam has a monthly income of $20 that…
Question
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Adam has a monthly income of $20 that can be spent on books (B) and pencils (P). The price
of a book is $5 and the price of a pencil is $0.50. Which of the following bundles of books and
pencils is unaffordable?
114. Multiple Choice: Adam has a monthly income of $20 that…
Question Adam has a monthly income of $20 that can be spent on books (B) and pencils (P). The price
of a book is $5 and the price of a pencil is $0.50. Which of the following bundles of books and
pencils is affordable but does not use all of Adam’s income?
115. Multiple Choice: Adam has a monthly income of $20 that…
Question Adam has a monthly income of $20 that can be spent on books (B) and pencils (P). The price
of a book is $5 and the price of a pencil is $0.50. Which of the following bundles of books and
pencils lies on Adam’s budget line?
116. Multiple Choice: The price of popcorn is $0.50 per box...
Question The price of popcorn is $0.50 per box and the price of peanuts is $0.25 per bag, and you have
$10 to spend on both goods. The maximum number of boxes of popcorn that you can
purchase is:
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117. Multiple Choice: The price of popcorn is $0.50 per box...
Question The price of popcorn is $0.50 per box and the price of peanuts is $0.25 per bag, and you have
$5 to spend on both goods. The maximum number of boxes of popcorn that you can
purchase is:
118. Multiple Choice: The price of popcorn is $0.50 per box...
Question The price of popcorn is $0.50 per box and the price of peanuts is $0.25 per bag, and you have
$10 to spend on both goods. The maximum number of bags of peanuts that you can
purchase is:
119. Multiple Choice: The price of popcorn is $0.50 per box...
Question The price of popcorn is $0.50 per box and the price of peanuts is $0.25 per bag, and you have
$5 to spend on both goods. The maximum number of bags of peanuts that you can purchase
is:
120. Multiple Choice: The price of popcorn is $0.50 per box...
Question The price of popcorn is $0.50 per box and the price of peanuts is $0.25 per bag, and you have
$10 to spend. You decide to purchase 8 bags of peanuts. The maximum number of boxes of
popcorn that you can purchase is:
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121. Multiple Choice: The price of popcorn is $0.50 per box...
Question The price of popcorn is $0.50 per box and the price of peanuts is $0.25 per bag, and you have
$10 to spend. You decide to purchase 20 bags of peanuts. The maximum number of boxes of
popcorn that you can purchase is:
122. Multiple Choice: The price of popcorn is $0.50 per box...
Question The price of popcorn is $0.50 per box and the price of peanuts is $0.25 per bag, and you have
$5 to spend. You decide to purchase 8 boxes of popcorn. The maximum number of bags of
peanuts that you can purchase is:
123. Multiple Choice: The price of popcorn is $0.50 per box...
Question The price of popcorn is $0.50 per box and the price of peanuts is $0.25 per bag, and you have
$5 to spend. You decide to purchase 6 boxes of popcorn. The maximum number of bags of
peanuts that you can purchase is ________.
124. Multiple Choice: For Domingo, the optimum consumption ...
Question For Domingo, the optimum consumption bundle is the one that ________ his ________, given
his budget constraint.
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125. Multiple Choice: Reference: Ref 10-8 (Table: Utility ...
Question
Reference: Ref 10-8
(Table: Utility from Oranges and Starfruit) Oranges cost $2 per pound and starfruit costs $5
per pound. Calvin has $26 to spend. If Calvin spends all of his money on oranges, how many
pounds of oranges can he buy?
126. Multiple Choice: Reference: Ref 10-8 (Table: Utility ...
Question
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Reference: Ref 10-8
(Table: Utility from Oranges and Starfruit) Oranges cost $2 per pound and starfruit costs $5
per pound. Calvin has $26 to spend. If Calvin spends all of his money on starfruit, how many
pounds of starfruit can he buy?
127. Multiple Choice: Reference: Ref 10-8 (Table: Utility ...
Question
Reference: Ref 10-8
(Table: Utility from Oranges and Starfruit) Oranges cost $2 per pound and starfruit costs $5
per pound. Calvin has $26 to spend. If Calvin buys 2 pounds of starfruit, how many pounds of
oranges can he buy?
Points: 0
128. Multiple Choice: Reference: Ref 10-8 (Table: Utility ...
Question
Reference: Ref 10-8
(Table: Utility from Oranges and Starfruit) Oranges cost $2 per pound and starfruit costs $5
per pound. Calvin has $26 to spend. If Calvin buys 4 pounds of starfruit, how many pounds of
oranges can he buy?
129. Multiple Choice: Reference: Ref 10-8 (Table: Utility ...
Question
Reference: Ref 10-8
(Table: Utility from Oranges and Starfruit) Oranges cost $2 per pound and starfruit costs $5
per pound. Calvin has $26 to spend. If Calvin buys 4 pounds of starfruit and 3 pounds of
oranges, how much is his total utility?
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130. Multiple Choice: Reference: Ref 10-8 (Table: Utility ...
Question
Reference: Ref 10-8
(Table: Utility from Oranges and Starfruit) Look at the table Utility from Oranges and Starfruit.
Oranges costs $2 per pound and starfruit costs $5 per pound. The table shows Calvin’s total
utility from eating various amounts of oranges and starfruits. How many pounds of oranges
and starfruit should Calvin eat, if he has $26?
131. Multiple Choice: Reference: Ref 10-9 (Table: Optimal...
Question
Reference: Ref 10-9
(Table: Optimal Choice of Milk and Honey) Hal’s total utility from consuming milk and honey
is given in the table. The price of milk is $2 per gallon, and the price of honey is $4 per jar.
Hal’s income is $16. If he spends all of his income on milk, the most he can buy is _______
gallons, and his total utility will be________.
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132. Multiple Choice: Reference: Ref 10-9 (Table: Optimal...
Question
Reference: Ref 10-9
(Table: Optimal Choice of Milk and Honey) Hal’s total utility from consuming milk and honey
is given in the table. The price of milk is $2 per gallon, and the price of honey is $4 per jar.
Hal’s income is $16. If he spends all of his income on honey, the most he can buy is _______
jars, and his total utility will be________.
133. Multiple Choice: Reference: Ref 10-9 (Table: Optimal...
Question
Points: 0
Points: 0
Reference: Ref 10-9
(Table: Optimal Choice of Milk and Honey) Hal’s total utility from consuming milk and honey
is given in the table. The price of milk is $2 per gallon, and the price of honey is $4 per jar.
Hal’s income is $16. Assuming that Hal spends all of his income on honey and milk, if he
buys 3 jars of honey, he can buy ________ gallons of milk .
134. Multiple Choice: Reference: Ref 10-9 (Table: Optimal...
Question
Reference: Ref 10-9
(Table: Optimal Choice of Milk and Honey) Hal’s total utility from consuming milk and honey
is given in the table. The price of milk is $2 per gallon, and the price of honey is $4 per jar.
Hal’s income is $16. Assuming that Hal spends all of his income on honey and milk, if he
buys 3 jars of honey and 2 gallons of milk, his total utility will be:
Points: 0
60
135. Multiple Choice: Reference: Ref 10-9 (Table: Optimal...
Question
Reference: Ref 10-9
(Table: Optimal Choice of Milk and Honey) Hal’s total utility from consuming milk and honey
is given in the table. The price of milk is $2 per gallon, and the price of honey is $4 per jar.
Hal’s income is $16. Assuming that Hal spends all of his income on honey and milk, if he
buys 2 jars of honey, he can buy ________ gallons of milk .
136. Multiple Choice: Reference: Ref 10-9 (Table: Optimal...
Question
Reference: Ref 10-9
(Table: Optimal Choice of Milk and Honey) Hal’s total utility from consuming milk and honey
is given in the table. The price of milk is $2 per gallon, and the price of honey is $4 per jar.
Hal’s income is $16. Assuming that Hal spends all of his income on honey and milk, if he
buys 2 jars of honey and 4 gallons of milk, his total utility will be:
Points: 0
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137. Multiple Choice: Reference: Ref 10-9 (Table: Optimal...
Question
Reference: Ref 10-9
(Table: Optimal Choice of Milk and Honey) Hal’s total utility from consuming milk and honey
is given in the table. The price of milk is $2 per gallon, and the price of honey is $4 per jar.
Hal’s income is $16. Assuming that Hal spends all of his income on honey and milk, if he
buys 1 jar of honey, he can buy ________ gallons of milk, and his total utility will be
________ .
138. Multiple Choice: Reference: Ref 10-9 (Table: Optimal...
Question
Points: 0
Points: 0
Reference: Ref 10-9
(Table: Optimal Choice of Milk and Honey) Hal’s total utility from consuming milk and honey
is given in the table. The price of milk is $2 per gallon, and the price of honey is $4 per jar.
Hal’s income is $16. Assuming that Hal spends all of his income on honey and milk, the
combination of milk and honey that will maximize his total utility is _______ jars of honey and
______ gallons of milk.
139. Multiple Choice: Which of the following statements is ...
Question Which of the following statements is true?
140. Multiple Choice: Emilio finds a new job that doubles h…
Question Emilio finds a new job that doubles his income. He adjusts his consumption. From this we
know that for every normal good Emilio buys, Emilio’s:
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141. Multiple Choice: You go to an all-you-can-eat buffet. ...
Question You go to an all-you–can-eat buffet. If you maximize utility, the marginal utility of the last bite
that you eat will be:
142. Multiple Choice: How much utility is gained by spendin...
Question How much utility is gained by spending an additional dollar on coffee pots?
143. Multiple Choice: Which of the following best describes...
Question Which of the following best describes the amount of utility that is gained by spending an
additional dollar on yogurt?
144. Multiple Choice: Reference: Ref 10-10 (Table: Margin...
Question
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Reference: Ref 10-10
(Table: Marginal Utility per Dollar of M&Ms) Andy‘s total utility from eating snack–size bags of
M&Ms is given in the table. The price of M&Ms is $2 per bag. Andy’s marginal utility per
dollar of the first bag of M&Ms is:
145. Multiple Choice: Reference: Ref 10-10 (Table: Margin...
Question
Reference: Ref 10-10
(Table: Marginal Utility per Dollar of M&Ms) Andy‘s total utility from eating snack–size bags of
M&Ms is given in the table. The price of M&Ms is $2 per bag. Andy’s marginal utility per
dollar of the second bag of M&Ms is:
146. Multiple Choice: Reference: Ref 10-10 (Table: Margin...
Question
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Reference: Ref 10-10
(Table: Marginal Utility per Dollar of M&Ms) Andy‘s total utility from eating snack–size bags of
M&Ms is given in the table. The price of M&Ms is $2 per bag. Andy’s marginal utility per
dollar of the third bag of M&Ms is:
147. Multiple Choice: Reference: Ref 10-10 (Table: Margin...
Question
Reference: Ref 10-10
(Table: Marginal Utility per Dollar of M&Ms) Andy‘s total utility from eating snack–size bags of
M&Ms is given in the table. The price of M&Ms is $2 per bag. Andy’s marginal utility per
dollar of the fourth bag of M&Ms is:
148. Multiple Choice: Reference: Ref 10-10 (Table: Margin...
Question
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Reference: Ref 10-10
(Table: Marginal Utility per Dollar of M&Ms) Andy‘s total utility from eating snack–size bags of
M&Ms is given in the table. The price of M&Ms is $2 per bag. Andy’s marginal utility per
dollar of the fifth bag of M&Ms is:
149. Multiple Choice: Reference: Ref 10-10 (Table: Margin...
Question
Reference: Ref 10-10
(Table: Marginal Utility per Dollar of M&Ms) Andy‘s total utility from eating snack–size bags of
M&Ms is given in the table. The price of M&Ms is $2 per bag. If the price of M&Ms increases
to $3 per bag, Andy’s marginal utility per dollar for each bag of M&Ms will
150. Multiple Choice: Reference: Ref 10-10 (Table: Margin...
Question
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Reference: Ref 10-10
(Table: Marginal Utility per Dollar of M&Ms) Andy‘s total utility from eating snack–size bags of
M&Ms is given in the table. The price of M&Ms is $2 per bag. If the price of M&Ms decreases
to $1 per bag, Andy’ marginal utility per dollar for each bag of M&Ms will
151. Multiple Choice: Jenny believes that spending one hour...
Question Jenny believes that spending one hour studying for economics will increase her grade by 20
points. Studying for a second hour will increase her grade by 10 points. She also believes
that studying for an hour for history will increase her grade by 15 points, but spending a
second hour will increase her grade by only 5 points. Jenny has two hours to study. If Jenny
wants to maximize her scores, what should she do?
152. Multiple Choice: Assume that Maia spends all her incom…
Question Assume that Maia spends all her income on halvah (X) and pomegranates (Y) and is
purchasing the optimal consumption bundle. If MUX
/MUY = 3 and the price of halvah is $12,
then the price of pomegranates is:
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153. Multiple Choice: Brad spends all of his income on two ...
Question Brad spends all of his income on two goods: cameras and coffee. He is purchasing the
optimal consumption bundle that maximizes his utility given his budget constraint. At the
optimal consumption bundle, which of the following statements is correct?
154. Multiple Choice: Suzy knows she has maximized her util…
Question Suzy knows she has maximized her utility, because she is on her budget constraint and:
155. Multiple Choice: Sasha buys a warm soda and a slice of...
Question Sasha buys a warm soda and a slice of cold pizza. The marginal utility from a soda is 40,
and the price of the soda is $1. The marginal utility from a slice of pizza is 80. Since Sasha
always chooses the utility-maximizing choice, we know the price of a slice of pizza must be:
156. Multiple Choice: Benny spends all of his money buying ...
Question Benny spends all of his money buying wine and cheese. The marginal utility of the last bottle
of wine he bought is 60, and the marginal utility of the last block of cheese he bought is 30.
The price of wine is $3, and the price of cheese is $2. Benny:
Answer is buying wine and cheese in the utility-maximizing amounts.
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