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ECON-1010-D1/D2-Introduction to Microeconomics

ECON-1010-D1/D2-Introduction to Microeconomics

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The substitution effect is the movement from

a. X₃ to X₂.

b. X₂ to X₁.

c. X₁ to X₂.

d. X₃ to X₁.

e. X₄ to X₃.

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Economists use the term "marginal utility" to describe the

change in total satisfaction caused by consumption of an additional unit of a good.

average utility of each unit of a good consumed.

inverse of the measure of total utility.

total satisfaction received from consumption of a good.

price paid for every unit consumed.

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For normal goods like cola and pizza, what is a likely result of the substitution effect when the price of pizza rises?

Cola becomes relatively more expensive, so the consumer buys more cola.

Cola becomes relatively more expensive, so the consumer buys less cola.

Cola becomes relatively less expensive, so the consumer buys more cola.

Cola becomes relatively less expensive, so the consumer buys less cola.

None of the above.

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Marginal utility theory is about

the consumer behaviour that underlies the theory of demand.

proving that demand curves are always downward sloping.

the total satisfaction resulting from the consumption of some good by the consumer.

how producers allocate their scarce resources.

calculating consumer surplus.

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The magnitude of the slope of the budget line is the

money price of the good measured on the horizontal axis.

money price of the good measured on the vertical axis.

relative price of the good measured on the horizontal axis.

real price of the good measured on the vertical axis.

relative price of the good measured on the vertical axis.

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Larry consumes only beer (B) and chips (C). The equation of his budget line (with beer measured on the vertical axis) is

Q_B = Y/P_B - (P_C/P_B)Q_B.

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At the best affordable point, which statement is true?

The highest affordable indifference curve has the same intercept as the budget line.

Some income is not spent.

Other points on the same indifference curve are affordable but not preferred.

The slope of the indifference curve equals the slope of the budget line.

The marginal rate of substitution between two goods equals their absolute price.

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To determine consumer equilibrium we need to know only

total utility and income.

prices, income, and marginal utility.

marginal utility and income.

prices and income.

prices and marginal utility.

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Marginal utility theory predicts that when a consumer's income decreases, the consumer

buys less of all goods.

buys fewer inferior goods.

buys more of all goods.

buys more normal goods.

buys fewer normal goods.

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Shelley is maximizing utility in her consumption of mansions and Porsches. If the marginal utility from her last purchased mansion is twice the marginal utility from her last purchased Porsche, then we know

the price of a Porsche is twice the price of a mansion.

Shelley buys more Porsches than mansions, but we do not know how many more.

the price of a mansion is twice the price of a Porsche.

Shelley buys twice as many mansions as Porsches.

Shelley buys twice as many Porsches as mansions.

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