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Eco 2023 Economics Mcqs Assignment

  • Date Submitted: 03/17/2016 02:49 AM
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ECO 2023 Economics MCQs Assignment

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1. Assume that a consumer purchases a combination of products X and Y and MUx / Px = 75 utils per dollar and MUy / Py = 50 utils per dollar. To maximize utility without spending more dollars, the consumer should buy:
a.more of Y and less of X.

b.more of X and less of Y.

c.less of both X and Y.

d.less of Y only if the price of Y increases.

e.more of both X and Y.

2. The different combinations of any two goods that an individual can afford to purchase, given his income and prices, is shown by:
a.an indifference curve.

b.a supply curve.

c.a demand curve.

d.an indifference map.

e.a budget line.

3. The table given below reports the total utility derived by an individual from the consumption of different units of goods A, B, and C.

Table 7.4
Quantity Total utility from A Total utility from B Total utility from C
($1.20 per unit) ($0.80 per unit) ($0.40 per unit)
1 85 70 55
2 157 133 103
3 217 188 145
4 266 235 178
5 299 275 205
6 315 310 225
7 319 341 239

goods doubles, the consumer would maximize utility by purchasing _____. Refer to Table 7.4. If the consumer’s income increases from $10 to $20 but the prices of each of the
a.3 units of good A, 5 units of good B, and 6 units of good C

b.3 units of good A, 6 units of good B, and 4 units of good C

c.6 units of good A, 0 units of good B, and 7 units of good C

d.2 units of good A, 6 units of good B, and 7 units of good C

e.7 units of good A, 7 units of good B, and 7 units of good C

4. The prices that people are willing to pay for goods and services mostly depend on:
a.the marginal utility derived from the goods and services.

b.the cost of producing the goods and services.

c.the total utility derived from the goods and services.

d.whether the goods are legal, since...


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