QUESTION 11

1. Gigi consumes only Perrier and cheese. In order to maximize her happiness subject to a limited income, Gigi should purchase the amounts of Perrier and cheese at which
2. The addition to happiness of the last bottle of Perrier is the same as the addition to happiness of the last pound of cheese.
3. The addition to happiness per dollar spent on Perrier is the same as the addition to happiness per dollar spent on cheese.
4. She spends all her income.
5. Both b and c.
6. Both a and c.

1 points  

QUESTION 12

1. A clinic uses doctors and nurses to serve the maximum number of patients given a limited annual payroll. The clinic currently has 10 doctors and 30 nurses. The last doctor hired can serve 300 additional patients, while the last nurse hired can serve 200 additional patients. If doctors make $60,000 a year and nurses make $20,000 a year, the clinic
2. Is making the correct hiring decision because doctors are more productive than nurses.
3. Is making the correct hiring decision because doctors are paid more than nurses.
4. Could serve more patients with the same payroll by hiring more doctors and fewer nurses.
5. Could serve more patients with the same payroll by hiring more nurses and fewer doctors.

1 points  

QUESTION 13

1. A restaurant currently has two cooks and ten waiters. Cooks earn $10 an hour and waiters earn $5 an hour. The last cook added 40 meals served to total output, while the last waiter added 25 meals served to total output. In order to maximize the number of meals served with a fixed budget, the manager should
2. Continue to use two cooks and ten waiters because output is being maximized.
3. Should use more cooks and fewer waiters because cooks are more productive than waiters.
4. Should use more cooks and fewer waiters because productivity per dollar is higher for cooks than for waiters.
5. Should use more waiters and fewer cooks because waiters are paid less than cooks.
6. Should use more waiters and fewer cooks because productivity per dollar is higher for waiters than for cooks.

1 points  

QUESTION 14

1. The slope of an indifference curve shows
2. The change in utility from an additional unit of the good.
3. The rate at which the consumer is able to substitute one good in the market.
4. Is equal to the price ratio at all points.
5. Is the rate at which the consumer is willing to exchange one good for another, utility held constant.
6. All of the above.

1 points  

QUESTION 15

1. Alexandra consumes only caviar and champagne, but she does have a limited income of $400. Her current consumption choice is 5 ounces of caviar, at a price of $50 per ounce, and 6 bottles of champagne, at $25 each. The last ounce of caviar added 100 units to Alexandra's total utility, while the last bottle of champagne added 75 units. If Alexandra chooses 4 ounces of caviar and 8 bottles of champagne instead:
2. Her total utility will increase by 150 units.
3. Her total utility will decrease by 150 units.
4. Her total utility will increase by 100 units.
5. Her total utility will decrease by 100 units.
6. Her total utility will increase by 50 units.

1 points  

QUESTION 16

1. An individual's demand curve for X
2. Shows how the utility-maximizing choice of X changes as the price of X changes.
3. Shows how the individual's preferences change as the price of X changes.
4. Shows that the income effect is always negative.
5. Both a and b.
6. Both a and c.

1 points  

QUESTION 17

1. Suppose a consumer who purchases only two goods is making a utility-maximizing choice and then the price of one of the goods decreases. What will happen?
2. The consumer's purchasing power will increase.
3. The consumer's utility will increase.
4. The consumer's income will increase.
5. Both a and b.
6. All of the above.

1 points  

QUESTION 18

1. An individual's demand curve for X
2. Shows that the income effect is always negative.
3. Depends on how the individual's utility-maximizing choices change when the price of X changes.
4. Depends on how the individual's money income changes when the price of X changes.
5. Depends on how the individual's preferences change when the price of X changes.
6. Both a and c.

1 points  

QUESTION 19

1. The market demand curve
2. Shows how much all consumers demand at various prices.
3. Is the vertical summation of the demand curves of all the consumers in the market.
4. Is quite complex to construct, given the demand curves of the individual consumers.
5. All of the above.

1 points  

QUESTION 20

1. The Interior Department recently announced that it will increase the entrance fees at Yellowstone National Park in order to increase park revenues. The Interior Department must believe that
2. Park goers are very responsive to price changes.
3. The demand for park services is elastic.
4. The percentage increase in fees will be greater than the percentage decrease in the number of park visitors.
5. Demand is unitary elastic, and thus the number of visitors will NOT decrease.

1 points  

QUESTION 21

1. If the demand for umbrellas is price inelastic,
2. Changes in price do not affect the number of umbrellas demanded.
3. If more umbrellas are sold as the result of a price decrease, total expenditures by consumers on umbrellas will decrease.
4. The percentage change in price is less than the percentage change in quantity demanded.
5. The percentage change in quantity demanded is greater than the percentage change in price.
6. None of the above.

1 points  

QUESTION 22

1. Suppose that the Houston Rockets' management is considering a plan in which fans who donate blood can attend games for $35 instead of the usual $40. If both ticket revenues and blood donations rise with this plan, which of the following is true?
2. The demand for Houston Rockets' tickets is price elastic.
3. The demand for Houston Rockets' tickets is price inelastic.
4. The demand for blood donations is price elastic.
5. The demand for blood donations is price inelastic.

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Status NEW Posted 17 May 2017 04:05 AM My Price 20.00

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