mr jorge

1265 Words Oct 31st, 2013 6 Pages
Question 1
0 out of 1 points

Root beer Candy bars
Quantity
Total
Marginal
Quantity
Total
Marginal utility utility utility utility 0
0
0
0
0
0
1
60
60
1
80
80
2
110
50
2
150
70
3
150
40
3
200
50
4
180
30
4
230
30
5
200
20
5
240
10
Reference: Ref 6-8

(Table) In the table, the total utility from consuming three root beers and two candy bars is:

Selected Answer:

310 utils.
Correct Answer:

300 utils.

Question 2
1 out of 1 points

Root beer Candy bars
Quantity
Total
Marginal
Quantity
Total
Marginal utility utility utility utility 0
0
0
0
0
0
1
60
60
1
80
80
2
110
50
2
150
70
3
150
40
3
200
50
…show more content…
Correct Answer:

when the price of a good decreases, people switch from more expensive goods.

Question 14
0 out of 1 points

The slope of the budget line is:

Selected Answer:

positive, since income and prices are positive.
Correct Answer:

negative, since to purchase more of one good means giving up some of the other good.

Question 15
1 out of 1 points

Total utility is:

Selected Answer:

the total satisfaction a consumer receives from consuming a certain amount of the good.
Correct Answer:

the total satisfaction a consumer receives from consuming a certain amount of the good.

Question 16
1 out of 1 points

Utility measures:

Selected Answer:

how much satisfaction is gained from the consumption of a good or service.
Correct Answer:

how much satisfaction is gained from the consumption of a good or service.

Question 17
1 out of 1 points

Economic costs are the sum of _____ and _____.

Selected Answer:

explicit costs; implicit costs
Correct Answer:

explicit costs; implicit costs

Question 18
0 out of 1 points

Economies of scale:

Selected Answer:

are harmful to firms.
Correct Answer:

can only occur in the long run.

Question 19
1 out of 1 points

Economists calculate profits as total revenue minus:

Selected
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