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ECON-1010-A-Introduction to Microeconomics

ECON-1010-A-Introduction to Microeconomics

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Abi spends her income on apples and oranges and is at her best affordable point. If apples and oranges are normal goods, and the price of an apple falls, which of the following statements about Abi's new best affordable point is correct?

Abi buys fewer apples and more oranges.

Abi buys more apples and more oranges.

Abi buys fewer apples and fewer oranges.

Abi buys more apples and fewer oranges.

Abi buys more apples, but we do not know how many oranges she buys.

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A graph plots music downloads (per month) versus carrots (per month).The horizontal axis is labeled music downloads (per month), and the vertical axis is labeled carrots (per month). A graph displays three downward sloping lines. The first line falls from the top left in the vertical axis at point D to the bottom left in the horizontal axis at point A. The second line falls from point D to the bottom center in the horizontal axis at point B. The third line falls from point D to extreme right in the horizontal axis at point C.

Refer to Figure 9.1.2, which shows three budget lines. Which budget line has the lowest relative price for carrots?

The relative price is equal for all three budget lines.

Cannot be determined without the consumer's indifference curves.

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A graph plots good y (units) versus good x (units). The horizontal axis is labeled good x (units), and the vertical axis is labeled good y (units). The horizontal axis ranges from 0 to 10 in increments of 2 units, and the vertical axis ranges from 0 to 10 in increments of 2 units. A graph is a line labeled budget line falling through (0, 8), (3, 4), and (6, 0). A concave up decreasing curve labeled I sub 0 intersects the line at (3, 4). All values are estimated.

Refer to Figure 9.3.1, which shows a consumer's budget line, indifference curve, and best affordable point. At the best affordable point, what is the consumer's the marginal rate of substitution between good X and good Y?

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Which of the following statements about the indifference curves for two goods that are perfect substitutes is correct?

The indifference curves are L-shaped.

The marginal rate of substitution between the goods is infinity.

The indifference curves are positively-sloped straight lines.

The marginal rate of substitution between the two goods is zero.

The indifference curves are negatively-sloped straight lines.

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Jill spends all her income of $30 on jellybeans and cola. If the price of jellybeans is $6 a bag, and the price of cola is $2 a bottle, which of the following combinations of jellybeans and cola lies inside Jill's budget line?

4 bags of jellybeans and 4 bottles of Jolt

5 bags of jellybeans and 0 bottles of Jolt

5 bags of jellybeans and 15 bottles of Jolt

3 bags of jellybeans and 6 bottles of Jolt

2 bags of jellybeans and 8 bottles of Jolt

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Four graphs plot good y versus good x. In graph (a), the horizontal axis is labeled good x, and the vertical axis is labeled good y. A concave up decreasing curve is drawn on an x y plane. In graph (b), the horizontal axis is labeled good x, and the vertical axis is labeled good y. A graph is a downward sloping line falling from the top left in the vertical axis to the bottom right in the horizontal axis. In graph (c), the horizontal axis is labeled good x, and the vertical axis is labeled good y. A graph displays a line parallel to the vertical axis and a line parallel to the horizontal axis. Both the lines are joined together. In graph (d), the horizontal axis is labeled good x, and the vertical axis is labeled good y. A concave down decreasing curve is drawn on an x y plane.

Refer to Figure 9.2.4, which shows possible indifference curves. Which of these indifference curves illustrates perfect complements?

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Larry consumes only beer (B) and chips (C). What is Larry's real income in terms of chips?

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Which one of the following statements is false?

A high marginal rate of substitution implies that a consumer must receive a large amount of good X to compensate for a small decrease in good Y.

A relatively flat indifference curve implies that a consumer must receive a large amount of good X to compensate for a small decrease in good Y.

If the indifference curve is steep, the marginal rate of substitution is high.

As a consumer moves down along the indifference curve, the consumer's marginal rate of substitution decreases.

A low marginal rate of substitution implies a relatively flat indifference curve.

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Cola is a normal good. If the price of cola falls, which of the following statements about the price effect of the fall in the price of cola is correct?

The income effect is positive and equals the negative substitution effect.

The income effect is positive, but the substitution effect is negative.

As price falls, there is a substitution effect but no income effect.

The income effect reinforces the substitution effect.

The income effect dominates the substitution effect.

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A graph plots music downloads (per month) versus carrots (per month).The horizontal axis is labeled music downloads (per month), and the vertical axis is labeled carrots (per month). A graph displays three downward sloping lines. The first line falls from the top left in the vertical axis at point D to the bottom left in the horizontal axis at point A. The second line falls from point D to the bottom center in the horizontal axis at point B. The third line falls from point D to extreme right in the horizontal axis at point C.

Refer to Figure 9.1.2, which shows three budget lines. Which budget line has the lowest relative price for music downloads?

The relative price is equal for all three budget lines.

Cannot be determined without the consumer's indifference curves.

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