4759556
Pregunta 1
Pregunta
Marginal utility is a measure
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of total utility derived from consuming a given amount of a good
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of the total utility gained from consuming an extra unit of a good
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computed by dividing total utility by the amount of a good consumed
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determined by a production condition in a market
Pregunta 2
Pregunta
"the second glass of Evian water was very good. May I have another?" which of the following is necessarily true regarding this statement?
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the marginal utility of the second glass is negative
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the marginal utility of the second glass is less than the marginal utility of the first glass
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the marginal utility of the second glass is positive
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the water is free
Pregunta 3
Pregunta
Total utility can be calculated as the
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sum of all marginal utilities
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price paid for one unit of a good
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product of all marginal utilities
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total expenditure on all units of a good the consumer buys
Pregunta 4
Pregunta
Demand curves usually slope downward because of the income and substitution effects, and because of the law of diminishing marginal utility
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- True
- False
Pregunta 5
Pregunta
Newspaper vending machines illustrate that publishers believe
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the average utility of 2 identical papers is 0 or less
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the total utility from 2 identical newspapers is 0 or less
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the marginal utility of a second identical newspaper is 0 or less
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the marginal utility of a second identical newspaper is greater than the marginal utility of the first newspaper
Pregunta 6
Pregunta
Diminishing marginal utility means that
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as you consume more of a good, other things constant, the total satisfaction you obtain from consuming this good tends to fall
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as you hire more labor, other things constant, the total amount produced begins to fall
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as you hire more labor, other things constant, the marginal product begins to fall
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as you consume more of a good, other things constant, the additional satisfaction you obtain from each additional unit of the good tends to fall
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as you consume more of a good, other things constant, the extra satisfaction you obtain from each extra good becomes negative
Pregunta 7
Pregunta
The marginal utility of a second copy of today's New York Times is
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infinite
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practically zero
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positive and greater than the marginal of the first copy
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equal to the marginal utility of the first copy
Pregunta 8
Pregunta
Which of the following sayings describes the concept of diminishing marginal utility?
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time is money
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penny wise and pound foolish
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absence makes the heart grow founder
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a penny saved is a penny earned
Pregunta 9
Pregunta
the reason you don't drink 5 cups of coffee at breakfast is that
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the marginal utility of extra cups of coffee eventually diminishes
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most people cannot afford 5 cups
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the total utility of coffee rises as you consume more cups
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the price of coffee rises as you consume more cups
Pregunta 10
Pregunta
Joe the economist tells his wife, Jane, that he wants to spend a weekend fishing with friends. She replies "you don't love me anymore". Just before she hits Joe with a croquet mallet, Joe explains to her that she has confused the concepts of
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marginal utility and price
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income and price
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marginal utility and total utility
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love and death
Pregunta 11
Pregunta
In exhibit 6-12, consumer surplus at a price of $2 is the difference between what consumers are willing to
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pay for a quantity of goods and what they actually pay, represented by triangle abc
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pay for a quantity of goods and what they actually pay, represented by triangle dcb
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pay for a quantity of goods and what they actually pay, represented by triangle adc
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receive for a good and what they actually get, represented by triangle abc
Pregunta 12
Pregunta
Which area in exhibit 6-13 represents consumer surplus at market equilibrium?
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area a
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area b
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area c
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area a+b+c
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area a+b
Pregunta 13
Pregunta
Suppose I am willing to pay $300 for roller blades and I purchase them on sale for $200. My consumer surplus is
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$300
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3/2
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$100
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$200
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$0
Pregunta 14
Pregunta
The consumers' surplus derived from the last unit of a good purchased
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tends to be less than 0
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tends to be equal to 0
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tends to be equal to the price of the good
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tends to be greater than the price of the good
Pregunta 15
Pregunta
The market demand curve is
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any individual's demand curve multiplied by the number of consumers in the market
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the relationship between income and quantity demanded
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the horizontal sum of the individual demand curve for all consumers in the market
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the vertical summation of all individual demand curves
Pregunta 16
Pregunta
A measure of consumer surplus in any market is
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total expenditure on the good
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the area above the supply curve and below the price
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the area beneath the demand curve
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the area beneath the demand curve and above the price
Pregunta 17
Pregunta
Consumers derive consumer surplus whenever
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the monetary value of total utility equal total expenditure
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the monetary value of total utility is greater than total expenditure
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The monetary value of total utility is less than total expenditure
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marginal utility is greater than total utility
Pregunta 18
Pregunta
For any given price, the more elastic the demand for a product is, the greater will be the consumer surplus
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- True
- False
Pregunta 19
Pregunta
When a service, such as medical care, is provided free of charge,
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most people consume an infinite amount of it
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most people do not much care about getting good value for their money
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people do not derive any consumer surplus from it
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we say that the demand for it is perfectly elastic
Pregunta 20
Pregunta
Refer to exhibit 6-17. If D, D', and D" represents the demand curves for the only 3 consumers in the market, then the market quantity demanded at a price of $15 will be
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150
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120
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90
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60
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30
Pregunta 21
Pregunta
refer to exhibit 6-17. If D, D', and D" represents the demand curves for the only 3 consumers in the market, then the market quantity demanded at a price of $45 will be
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50
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70
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90
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110
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130
Pregunta 22
Pregunta
Refer to exhibit 6-17. If D, D', and D" represent the demand curves for the only 3 consumers in the market, then the market quantity demanded at a price of $30 will be
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40
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60
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80
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100
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120
Pregunta 23
Pregunta
refer to exhibit 6-17. If D, D', and D" represent the demand curve for the only 3 consumers in the market, then the market demand curve will be more ____ than each of the 3 individual demand curves
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steep (slope will be more negative)
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elastic
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flat (slope will be less negative)
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inelastic
Pregunta 24
Pregunta
Suppose Jerry consumers 3 hamburgers at McDonald's one evening. He figured the last one was just worth the price he paid for it. If the hamburgers he buys have a price of $1. then
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her earned no consumer surplus
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he would have earned consumer surplus if he had eaten one more hamburger
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he was irrational
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he may have earned consumer surplus on the first 2 hamburgers
Pregunta 25
Pregunta
If you buy a good, its expected marginal value to you
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may be greater than or equal to but not less than its price
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may be less than or equal to but not greater than its price
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is less than its price
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is greater than its price
Pregunta 26
Pregunta
When the price is P in exhibit 6-11, the shaded area represents
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a shortage
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producer surplus
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a price floor
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consumer surplus
Pregunta 27
Pregunta
Consumer surplus is
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the difference between the maximum amount that a consumer is willing to pay for a given amount of a good and the amount that the consumer actually pays
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the difference between the price of the good paid by the consumer and the costs of production to the seller
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the amount by which quantity supplied exceeds quantity demanded at the current market price
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the amount by which quantity demanded exceeds quantity supplied at the current market price
Pregunta 28
Pregunta
At point b in exhibit 6-9, total utility is valued at
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$30, consumer expenditure is $20, and consumer surplus is $10
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$26, consumer expenditure is $20, and consumer surplus is $6
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$20, consumer expenditure is $20, and consumer surplus is $0
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$30, consumer expenditure is $4, and consumer surplus is $26
Pregunta 29
Pregunta
What happens to consumer surplus as price falls along a given demand curve?
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it always increases
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it always decreases
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it never changes
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it only increases if price increases just a little
Pregunta 30
Pregunta
when price decreases, consumer surplus
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increases
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remains constant
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decreases
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becomes negative
Pregunta 31
Pregunta
at point a in exhibit 6-9, consumer surplus is
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$0
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$5
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$6
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$20
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$26
Pregunta 32
Pregunta
Elvis values the first gravy sandwich at $5, the second at $4.50, and the third at $4. If he buys three for $4 each, his consumer surplus is
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$5
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$4
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$1.50
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$9.50
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$12
Pregunta 33
Pregunta
On a normal day, Emily Mapai's demand curve for a cup of hot chocolate is initially shown as D in exhibit 6-15. On a day when the high temperature does not get above zero degrees, her demand curve increases to D'. At price P for a cup of hot chocolate, Emily's consumer surplus on a freezing day
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cannot be determined without calculating an exact marginal valuation
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increases a great deal over her consumer surplus on a normal day
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will vary depending on whether hot chocolate is a normal or an inferior good
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increases only if her demand curve is unit elastic
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