Week 2 : Demand Curves; Uncertainty – Quiz 1. The problem of scarcity(Points : 2) arises only in poor countries.exists because the price of goods is too highexists because of limited resourceswill eventually be solved by better planning.2. The slope of the production possibility frontier shows (Points : 3) how inputs must be changed to keep them fully employed.the technically efficient combinations of the two goods.how demanders are willing to trade one good for another.the opportunity cost of one good in terms of the other.3. The solution to the simultaneous equations 5X ? Y = 10 and 10X + Y = 35 is (Points : 2) X = 15, Y = 0.X = 3, Y = 5.X = 5, Y = 3.None of these4. Suppose QD = – 5P + 44 and QS = P ? 4. Then, the equilibrium price is (Points : 3) 789105. Normative economic analysis (Points : 2) involves the study of what comprises a normal firm.is usually thought to be a waste of time.involves how resources are actually used in an economyinvolves judgments on how resources should be used in an economy.6. Indifference curves (Points : 2) are contour lines of a utility functionare nonintersecting.are negatively slopedAll of the above.7. Suppose that a consumer is willing to give up 2 beers to get an extra steak. Also suppose that the price of a steak is $10 and a beer costs $2.5. Then in order to increase utility, this consumer should: (Points : 3) buy more steak and less beer.buy more beer and less steak.continue with current consumption plans.Not enough information to answer the question.8. The X-intercept of the budget constraint represents (Points : 2) how much of good Y can be purchased if no good X is purchased and all income is spent.how much of good X can be purchased if no good Y is purchased and all income is spent.total income divided by the price of X.a and c.9. The point of tangency between a consumer?s budget constraint and his or her indifference curve represents (Points : 3) complete satisfaction for the consumerthe equivalence of prices the consumer pays.constrained utility maximization for the consumer.the least he or she can spend.10. An increase in an individual?s income without changing relative prices will (Points : 2) rotate the budget constraint about the X-axis.shift the indifference curves outward.shift the budget constraint outward in a parallel way.rotate the budget constraint about the Y axis.11. Suppose a cup of coffee at the campus coffee shop is $1.50, and a cup of hot tea is $1.25, and a student?s beverage budget is $20 per week. What is the most cups of tea the student could buy? (Points : 2) 201610812. If people like their goods in fixed proportions, the two goods are (Points : 2) perfect substitutesperfect complementscomplements (but not perfect)substitutes (but not perfect)13. Suppose a teenager likes both rap music (R) and country music (C) with a set of preferences so that U = C1/2R1/2. Which point (C, R) makes the teen the happiest? (Points : 2) 4, 1625, 19, 916, 414. If a person?s indifference curves can be represented as downward sloping straight lines, the person views the goods as (Points : 2) perfect substitutesperfect complementscomplements (but not perfect)substitutes (but not perfect)15. Suppose a cup of coffee at the campus coffee shop is $1.50 and a cup of hot tea is $1.25. If a student?s beverage budget is $20 per week; what is the algebraic expression (equation) of the budget line for this student if C = cups of coffee and T = cups of tea? (Points : 2) 20 = 1.50C + 1.25T20 =1.25C20 = 1.25T20 = 1.25C + 1.5T16. If a person always prefers Indian food to Mexican food, but Mexican food to Italian food, then he/she also: (Points : 2) prefers Indian food to Italian food.is indifferent between Indian food and Italian food.prefers Italian food to Indian foodis indifferent between Italian, Indian and Mexican food.17. Which of the following points in the diagram above represents the highest level of utility?(Points : 2) ABCThey all derive the same utility. 18. The diagram below shows the indifference curves and budget constraints for a consumer that spends all her income buying CDs for two artists: Shakira and James Blunt. James Blunt’s CDs costs $20, while Shakira’s CD costs $10. Given this information, we know that at point C the MRS is:(Points : 2) more than 2.exactly 2.less than 2.we can’t say. 19. If the Y-intercept of a linear function increases while the slope remains unchanged (Points : 2) the graph must shift down.the graph must rotate to the left about the X intercept.the graph must shift up.the graph remains unchanged.20. The slope of a nonlinear function at some particular point (Points : 2) is the slope of the straight line that is tangent to the function at that point.is the slope of the straight line connecting the origin and the point.cannot be determined.is constant for the entire function.
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