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ECON-1010-A-Introduction to Microeconomics

ECON-1010-A-Introduction to Microeconomics

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Which of the following statements is false?

An indifference curve shows the combinations of goods among which a consumer is indifferent.

A consumer's preferences are illustrated by a preference map.

Only one indifference curve illustrates a consumer's preferences.

If the consumer's indifference curve is steep, then the consumer's marginal rate of substitution of good X for good Y is high.

The marginal rate of substitution between the goods is the rate at which a consumer will give up good Y to get an additional unit of good X and remain on the same indifference curve.

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Larry consumes only beer (B) and chips (C). If beer is measured on the vertical axis, which of the following situations is not equal to the relative price of chips in terms of beer?

the magnitude of the slope of the budget line

the opportunity cost of 1 bag of chips

the real income in terms of beer

the inverse of the relative price of beer in terms of chips

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As a consumer's choice moves down along a given budget line, how does the consumer's real income change?

Real income remains constant despite prices decreasing.

Real income decreases despite prices remaining constant.

Real income increases despite prices remaining constant.

Real income decreases and prices decrease.

Real income remains constant because prices are constant.

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Which of the following statements about the slope of a consumer's budget line is correct?

The steeper the slope of the budget line, the greater is the relative price of the good measured on the vertical axis.

The steeper the slope of the budget line, the greater is the relative price of the good measured on the horizontal axis.

The steeper the slope of the budget line, the smaller is the relative price of the good measured on the horizontal axis.

The flatter the slope of the budget line, the greater is the relative price of the good measured on the horizontal axis.

The slope of the budget line is independent of relative prices.

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A graph plots good y versus good x. The horizontal axis is labeled good x, and the vertical axis is labeled good y. A graph displays two falling lines from top left in the vertical axis at R to bottom center at T and extreme right at S. A concave up decreasing curve has two points A and B intersecting the line R S at A. A concave up decreasing curve C and D intersecting the line R T at C. A dashed line from top left to bottom right intersects at B. A dashed line from the top left in the vertical axis to the bottom right in the horizontal axis intersects at D.

Refer to Figure 9.3.4, which shows a consumer's choices and the consumer's budget. If the budget line is RT, what change will shift the budget line to RS?

a decrease in the preference for good X

a fall in the price of good X

a rise in the price of good Y

an increase in real income

a rise in the price of good X

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Which of the following statements about the substitution effect of a price change is always correct?

It decreases the quantity of the good bought.

It is negative.

It leads to a negative income effect.

It is positive.

It leads to a positive income 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 shows the greatest real income in terms of carrots?

Real income is equal for all three budget lines.

Cannot be determined without the consumer's indifference curves.

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What is the magnitude of the slope of an indifference curve called?

the marginal rate of transformation

the marginal propensity to substitute between the goods

the relative price of good Y

the marginal propensity to consume the goods

the marginal rate of substitution between the goods

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Guy has an income (Y) of $50 with which he can purchase movie tickets (M) at $10 each and haircuts (H) at $20 each. Which one of the following represents Guy's budget line?

Y = 50 + QM + QH

Y = 10QM - 20QH

50 = 10QM + 20QH

20Y = QM + 10QH

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Which of the following statements is false?

Indifference curves are bowed out from the origin.

Indifference curves are negatively sloped.

The marginal rate of substitution between the goods is the magnitude of the slope of an indifference curve.

The marginal rate of substitution between the goods increases as a consumer moves up along an indifference curve for ordinary goods.

A preference map consists of a series of indifference curves.

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