题目内容

If indifference curves are concave to the origin, which assumption on preferences is violated?

A. Diminishing marginal rates of substitution
B. Transitivity of preferences
C. More is preferred to less
D. Completeness

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Use the following two statements to answer this question: I. Consumer theory can determine whether giving an individual a more preferred basket of goods doubles her overall level of satisfaction, less than doubles her satisfaction, or more than doubles her satisfaction. II. There is not much empirical evidence to support the assumption that higher incomes result in higher levels of satisfaction.

A. Both I and II are true.
B. I is true and II is false.
C. I is false and II is true.
D. Both I and II are false.

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nullA consumer has $100 per day to spend on product A, which has a unit price of $7, and product B, which has a unit price of $15. What is the slope of the budget line if good

A. is on the horizontal axis and good
B. is on the vertical axis? A) -7/15B) -7/100
C. -15/7
D. 7/15

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Suppose that the prices of good A and good B were to suddenly double. If good A is plotted along the horizontal axis,

A. the budget line will become steeper.
B. the budget line will become flatter.
C. the slope of the budget line will not change.
D. the slope of the budget line will change, but in an indeterminate way.

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A consumer maximizes satisfaction at the point where his valuation of good X, measured as the amount of good Y he would willingly give up to obtain an additional unit of X, equals:

A. the magnitude of the slope of the indifference curve through that point.
B. one over the magnitude of the slope of the indifference curve through that point.
C. Px/Py
D. Py/Px

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If indifference curves are concave to the origin, which assumption on preferences is violated?

A. Diminishing marginal rates of substitution B. Transitivity of preferences C. More is preferred to less D. Completeness

nullA consumer has $100 per day to spend on product A, which has a unit price of $7, and product B, which has a unit price of $15. What is the slope of the budget line if good

Suppose that the prices of good A and good B were to suddenly double. If good A is plotted along the horizontal axis,

A consumer maximizes satisfaction at the point where his valuation of good X, measured as the amount of good Y he would willingly give up to obtain an additional unit of X, equals:

A. Diminishing marginal rates of substitution
B. Transitivity of preferences
C. More is preferred to less
D. Completeness