Microeconomics studies the allocation of
答案: 【scarce resources.】
Most microeconomic models assume that decision makers wish to
A:make themselves as well off as possible.
B:make others as well off as possible.
D:None of the above.
答案: 【make themselves as well off as possible.】
What links the decisions of consumers and firms in a market?
Economic models are most often tested
A:using data from the distant past.
B:using data from the real world.
C:using computer simulations.
D:using logic alone.
答案: 【using data from the real world.】
Which of the statements below is/are normative?
A:B and C
B:Microeconomists study economic growth.
C:Economists will use a model until it is refuted by someone.
D:Economists need to include more reality in their models.
答案: 【Economists need to include more reality in their models.】
An indifference curve represents bundles of goods that a consumer
A:refers to any other bundle of goods.
B:ranks from most preferred to least preferred.
C:views as equally desirable.
D:All of the above.
答案: 【views as equally desirable.】
Convexity of indifference curves implies that consumers are willing to
A:acquire more “x” only if they do not have to give up any “y”.
B:settle for less of both “x” and “y”.
C:give up more “y” to get an extra “x” the more “x” they have.
D:give up more “y” to get an extra “x” the less “x” they have.
答案: 【give up more “y” to get an extra “x” the less “x” they have.】
If two bundles are on the same indifference curve, then
A:no comparison can be made between the two bundles since utility cannot really be measured.
B:B and C.
C:the consumer derives the same level of ordinal utility from each but not the same level of cardinal utility.
D:the consumer derives the same level of utility from each.
答案: 【the consumer derives the same level of utility from each.】
If the utility for two goods “x” and “y” is measured as U = x + y, then it can be concluded that
A:”x” and “y” are perfect substitutes.
B:”x” and “y” are perfect complements.
C:”x” and “y” are both bads.
D:the indifference curves on the x,y graph will be upward sloping.
答案: 【“x” and “y” are perfect substitutes.】
Joe’s income is $500, the price of food (F) is $2 per unit, and the price of shelter (S) is $100. Which of the following represents his budget constraint?
A:F = 250 – 50S
B:S = 5 – .02F
C:All of the above.
D:500 = 2F + 100S
答案: 【All of the above.】