Chapter 21a test bankWord文件下载.docx

Chapter 21a test bankWord文件下载.docx

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a.PointA

b.PointB

c.PointD

d.PointE

.WhichofthegraphsshownreflectsadecreaseinthepriceofgoodXonly?

a.panelA

b.panelB

c.panelC

d.panelD

.Whichofthegraphsshownreflectsanincreaseinincome?

d.panelD

ANSWER:

TYPE:

MKEY1:

GSECTION:

1OBJECTIVE:

1GRAPHFORMAT:

MQUESTIONINSTRUCTION:

3RANDOM:

N

.Theslopeofthebudgetconstraintisdeterminedbythe

a.levelofincomeoftheconsumer.

b.relativepriceofcommoditiesrepresentedontheaxes.

c.preferencesofaconsumer.

d.endowmentofproductiveresources.

DSECTION:

1RANDOM:

Y

.Consumerpreferencesaretypicallyrepresentedby

a.costcurves.

b.supplycurves.

c.indifferencecurves.

d.budgetconstraints.

2OBJECTIVE:

.Basedonthefigureshownwhichofthefollowingstatementsiscorrect?

a.PointAisvaluedthesameaspointC.

b.PointBisvaluedthesameaspointE.

c.ThebundlesalongindifferencecurveI1arepreferredtothosealongindifferencecurveI2.

d.ThebundleassociatedwithpointDcontainsmoreHo-Ho’sthanthatassociatedwithpointC.

5RANDOM:

.Basedonthefigureshown,whichofthefollowingstatementsistrueforaconsumerthatmovesfrompointCtopointD?

a.TheconsumerisindifferentbetweenpointCandpointD.

b.Theconsumerisdefinitelyworseoff.

c.ItisdifficulttocomparethelevelofconsumersatisfactionbetweenpointsDandC.

d.TheconsumerislikelytoplaceahigherrelativevalueonHo-Ho’satpointCthanatpointD.

b.Theconsumerisdefinitelyworse-off.

2GRAPHFORMAT:

6RANDOM:

.Theslopeofanindifferencecurveis

a.constant.

b.positive,sinceindifferencecurvesslopeupward.

c.equaltothemarginalrateofsubstitution.

d.thesameastheslopeofthebudgetconstraintateverypoint.

2RANDOM:

.Theamountofagoodanindividualhas

a.isonlyaffectedbyprices.

b.isonlyaffectedbyincome.

c.willnotaffectthemarginalrateofsubstitution.

d.affectstherateatwhichsheiswillingtotrade.

CSECTION:

.Aslongasaconsumerisonthesameindifferencecurve

a.sheisunabletodecidewhichbundleofgoodstochoose.

b.sheisindifferentamongthepointsonthatindifferencecurve.

c.herpreferenceswillnotaffectthemarginalrateofsubstitution.

d.sheisindifferenttoallpointswhichlieonanyotherindifferencecurves.

.Whenindifferencecurvesarebowedinwardtowardtheorigin,

a.itisunlikelythatconsumerswillbewillingtoengageintrade.

b.peoplecanonlyincreasesatisfactionbyconsumingmoreofallcommodities.

c.peoplearelessinclinedtotradeawaygoodsthattheyhaveanabundanceof.

d.themarginalrateofsubstitutiondecreasesasaconsumermovesdownanindifferencecurve.

.Thehighestindifferencecurvethataconsumercanreachistheone

a.farthestfromtheorigin.

b.thatintersectsthebudgetconstraintinatleasttwoplaces.

c.thatistangenttothebudgetconstraint.

d.alloftheabove.

.WhichofthefollowingisNOTapropertyofindifferencecurves?

a.Lowerindifferencecurvesarepreferabletohigherindifferencecurves.

b.Indifferencecurvesarebowedinwardtowardtheorigin.

c.Indifferencecurvesdonotcross.

d.Indifferencecurvesaredownwardsloping.

.Whentwogoodsareperfectsubstitutestheywillhave

a.linearindifferencecurves.

b.indifferencecurvesthatcross.

c.indifferencecurvesthatarerightangles.

d.indifferencecurveswithapositiveslope.

.Wheneconomistsdescribepreferences,theysometimesusetheconceptof

a.income.

b.utility.

c.prices.

d.markets.

.Anoptimizingconsumerwillselectaconsumptionbundleinwhichthe

a.utilityexceedsprice.

b.marginalrateofsubstitutionisequaltoincome.

c.ratioofexpendituresharesequalsthemarginalrateofsubstitution.

d.marginalrateofsubstitutionisequaltotherelativeprice.

3OBJECTIVE:

.Attheoptimum

a.thebudgetconstraintwouldhaveaslopeof1.

b.itisstillpossiblefortheconsumertoincreasehisconsumptionofbothgoods.

c.theslopeoftheindifferencecurveisequaltotheslopeofthebudgetconstraint.

d.theindifferencecurvewouldintersectthebudgetconstraintatitscenter.

.Whenabudgetconstraintshiftsout

a.theconsumerisworseoff.

b.theconsumercannowreachahigherindifferencecurve.

c.itcouldonlyhavebeencausedbyanincreaseinincome.

d.itcouldonlyhavebeencausedbyanincreaseinthepriceofoneofthegoods.

.Assumethattheconsumerdepictedinthegraphhasanincomeof$10.ThepriceofSkittlesis$1andthepriceofM&

M’sis$2.Thisconsumerwillchoosetooptimizebyconsuming

a.bundleA.

b.bundleB.

c.bundleC.

d.bundleD.

3GRAPHFORMAT:

.IftheconsumeriscurrentlyatpointBonthegraphshown,achangetopointCasaresultofadecreaseinthepriceofpotatochipswouldshowthe

a.priceeffect.

b.budgeteffect.

c.incomeeffect.

d.substitutioneffect.

.AssumethatacollegestudentpurchasesDietCokeandSnickers.ThesubstitutioneffectassociatedwithadecreaseinthepriceofaSnickerswillresultin

a.onlyadecreaseintheconsumptionofDietCoke.

b.onlyanincreaseintheconsumptionofSnickers.

c.adecreaseintheconsumptionofSnickersandanincreaseintheconsumptionofDietCoke.

d.anincreaseintheconsumptionofSnickersandadecreaseintheconsumptionofDietCoke.

d.anincreaseintheconsumptionofSnickersandadecreaseintheconsumptionofDietCoke.

.Violationstothelawofdemandareassumedtooccur

a.onlywhengoodsareGiffengoods.

b.commonly.

c.onlywhenthesubstitutioneffectdominatestheincomeeffect.

d.Alloftheabovearepossibleanswers.

4OBJECTIVE:

.Ifanin-kindtransferforcestherecipienttoconsumemoreofthegoodthanhewouldchoosewithacashtransferofequalvalue,thentherecipient

a.wouldpreferthein-kindtransferoveracashtransferofequaldollarvalue.

b.wouldpreferacashtransferofequaldollarvalue.

c.isindifferentbetweenacashtransferandanin-kindtransfer.

d.Notenoughinformationabouttheconsumerisgiventoanswerthisquestion.