Sec 21.4 MC Three Applications

《Sec 21.4 MC Three Applications》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。

1、1. Wecanusethetheoryofconsumerchoicetoanalyze a. whymostdemandcurvesslopedownward. b. thetradeoffbetweenworkandleisure c. howinterestratesaffecthouseholdsaving. d. Alloftheabovearecorrect.ANSWER:  dDIFFICULTY:  EasyLEARNING OBJECTIVES:  ECON.MANK.088-Evaluatehowaconsum

2、ercanmaximizeutilitysubjecttobudgetlimitations.TOPICS:  ConsumertheoryKEYWORDS:  BLOOM'S:ApplicationCUSTOM ID:  001.21.4-MC-MANK082. SupposethepriceofgoodXfallsandtheconsumptionofgoodXincreases.FromthiswecaninferthatXisa(n)(i)normalgood.(ii)inferiorgood.(iii)Giffengood

3、. a. (i)only b. (i)or(ii)only c. (iii)only d. (ii)or(iii)onlyANSWER:  bDIFFICULTY:  ModerateLEARNING OBJECTIVES:  ECON.MANK.057-Determineifagoodisnormalorinferiorbyinterpretingagraphrepresentingconsumer'spreferencesandaffordability.TOPICS:  ConsumertheoryKEYWORDS:  BLO

4、OM'S:ComprehensionCUSTOM ID:  002.21.4-MC-MANK083. WhenAdam’sincomeincreases,hepurchasesmoreticketstoBroadwaymusicalsthanhedidbeforehisincomeincreased.ForAdam,Broadwaymusicalsarea(n) a. normalgood. b. inferiorgoodthatisnotaGiffengood. c. Giffengood. d. optimalgood.ANSW

5、ER:  aDIFFICULTY:  EasyLEARNING OBJECTIVES:  ECON.MANK.057-Determineifagoodisnormalorinferiorbyinterpretingagraphrepresentingconsumer'spreferencesandaffordability.TOPICS:  ConsumertheoryKEYWORDS:  BLOOM'S:ApplicationCUSTOM ID:  003.21.4-MC-MANK084. GoodXisaninferiorgoo

6、dbutnotaGiffengood.WhenthepriceofXincreases,theconsumerwillconsume a. moreX. b. thesameamountofX. c. lessX.CopyrightCengageLearning.PoweredbyCognero.Page 24 d. moreorlessXdependingonthesizeoftheincomeeffectrelativetothesizeofthesubstitutioneffect.ANSWER:  cDIFFICULTY: 

7、 ModerateLEARNING OBJECTIVES:  ECON.MANK.088-Evaluatehowaconsumercanmaximizeutilitysubjecttobudgetlimitations.TOPICS:  ConsumertheoryKEYWORDS:  BLOOM'S:AnalysisCUSTOM ID:  004.21.4-MC-MANK085. SupposethepriceofgoodXfalls.Asaresult,thequantitydemandedforgoodXincreasesfo

8、raparticularconsumer.Forthisconsumer,thesubstitutioneffectinducedtheconsumertopurchasemoreXwhiletheincomeeffectinduce