Crowdly

Add to Chrome

Universities
moodle.uleth.ca
ECON-1010-A-Introduction to Microeconomics

ECON-1010-A-Introduction to Microeconomics

Looking for ECON-1010-A-Introduction to Microeconomics test answers and solutions? Browse our comprehensive collection of verified answers for ECON-1010-A-Introduction to Microeconomics at moodle.uleth.ca.

Get instant access to accurate answers and detailed explanations for your course questions. Our community-driven platform helps students succeed!

When Kathryn is at her consumer equilibrium, what combination of goods is she buying?

a combination of goods that is located inside her budget line.

the combination of goods at the midpoint of her demand curve.

the combination of goods that is at the midpoint of her budget line.

a combination of goods that is located outside her budget line.

the combination of goods such that the marginal utility from good X divided by the marginal utility from good Y equals the price of good X divided by the price of good Y.

View this question

Max has $35 a day to spend, and he can spend as much time as he likes on his leisure pursuits. Windsurfing equipment rents for $10 an hour, and snorkeling equipment rents for $5 an hour. If Max equalizes the marginal utility per hour from windsurfing and from snorkeling, which of the following situations arises?

Max can increase his total utility only if the price of windsurfing equipment rentals decreases.

Max can increase his total utility by spending less time windsurfing and more time snorkeling.

Max maximizes his total utility.

Max maximizes his marginal utility per dollar on these activities.

Max can increase his total utility by spending more time windsurfing and less time snorkeling.

View this question

What is key assumption about marginal utility?

Marginal utility tends to increase as consumption of a luxury good increases.

Marginal utility tends to decrease as income increases.

Marginal utility tends to increase as consumption of a necessity increases.

Marginal utility tends to decrease as the consumption of a good increases.

Marginal utility tends to decrease as the price of a good rises.

View this question

If the marginal utility per dollar from pizza is greater than the marginal utility per dollar from pop, which of the following events will maximize the consumer's utility?

The consumer will buy

less pizza and less pop.

equal quantities of pizza and pop.

less pizza and more pop.

more pizza and less pop.

more pizza and more pop.

View this question

Lucky buys hats for $20, but Lucky will not sell one of her hats for less than $35. How would a behavioural economist describe Lucky's decision?

Lucky is a behavioural economist.

Lucky is showing unbounded willpower.

Lucky is making decisions using her prefrontal cortex.

Lucky is exhibiting bounded self-interest.

Lucky is displaying the endowment effect.

View this question

Jenn is maximizing total utility. If the price of salmon rises, why does Jenn think about changing how she allocates her food budget?

Immediately when the price changes and before she changes her salmon purchases

the total utility from salmon falls.

her marginal utility from salmon decreases.

her marginal utility from salmon increases.

her ratio of marginal utility to price for salmon is greater than for other goods.

her ratio of marginal utility to price for salmon is less than for other goods.

View this question

Short Description: A table shows data for Sam's utility from sailing and skiing. Long Description: The column headings from left to right are hours spent, total utility from sailing, and total utility from skiing. The row entries are as follows. Row 1. 1, 100, 70. Row 2. 2, 140, 110. Row 3. 3, 170, 140. Row 4. 4, 190, 150.

Refer to Table 8.2.1, which shows Sam's utility from sailing and skiing. If the price of sailing is $10 per hour and the price of skiing is $20 per hour, how will Sam allocate his spare time to maximize his total utility?

all his time sailing.

the same amount of time sailing and skiing.

all his time skiing.

more time sailing than skiing.

more time skiing than sailing.

View this question

Chuck and Barry have identical total utility schedules, but Chuck has more income to spend than Barry. If they each choose the utility-maximizing quantity of normal goods, which of the following situations will occur?

Chuck's total utility will be less than Barry's.

Their marginal utilities will be equal.

Chuck's marginal utility will be less than Barry's.

Their total utilities will be equal.

Chuck's marginal utility will be greater than Barry's.

View this question

What is the relationship between total utility and marginal utility?

Total utility is always

decreasing when marginal utility is increasing.

less than marginal utility.

decreasing when marginal utility is decreasing.

greater than marginal utility.

increasing when marginal utility is positive.

View this question

Martha and Sarah have the same preferences, face the same prices, and have the same income. Sarah's utility is measured in units while Martha's is measured in units squared. Which of the following outcomes will occur?

Martha's and Sarah's marginal utility per dollar will be equal.

Martha and Sarah will choose to consume the same set of goods.

Martha and Sarah will not choose to consume the same set of goods.

Martha and Sarah will have equal total utility.

Martha's and Sarah's marginal utilities will be equal.

View this question

Previous
1
58
59
60
78
Next

Want instant access to all verified answers on moodle.uleth.ca?

Get Unlimited Answers To Exam Questions - Install Crowdly Extension Now!

Add to Chrome

Telegram Instagram TikTok Question Bank

Terms of Use Contact Us

Add to Chrome

Add to Chrome