Economics Ch. 6 Quiz

Questão 1 de 33

1

Marginal utility is a measure

Selecione uma das seguintes:

of total utility derived from consuming a given amount of a good
of the total utility gained from consuming an extra unit of a good
computed by dividing total utility by the amount of a good consumed
determined by a production condition in a market

Explicação

Questão 2 de 33

1

"the second glass of Evian water was very good. May I have another?" which of the following is necessarily true regarding this statement?

Selecione uma das seguintes:

the marginal utility of the second glass is negative
the marginal utility of the second glass is less than the marginal utility of the first glass
the marginal utility of the second glass is positive
the water is free

Explicação

Questão 3 de 33

1

Total utility can be calculated as the

Selecione uma das seguintes:

sum of all marginal utilities
price paid for one unit of a good
product of all marginal utilities
total expenditure on all units of a good the consumer buys

Explicação

Questão 4 de 33

1

Demand curves usually slope downward because of the income and substitution effects, and because of the law of diminishing marginal utility

Selecione uma das opções:

VERDADEIRO
FALSO

Explicação

Questão 5 de 33

1

Newspaper vending machines illustrate that publishers believe

Selecione uma das seguintes:

the average utility of 2 identical papers is 0 or less
the total utility from 2 identical newspapers is 0 or less
the marginal utility of a second identical newspaper is 0 or less
the marginal utility of a second identical newspaper is greater than the marginal utility of the first newspaper

Explicação

Questão 6 de 33

1

Diminishing marginal utility means that

Selecione uma das seguintes:

as you consume more of a good, other things constant, the total satisfaction you obtain from consuming this good tends to fall
as you hire more labor, other things constant, the total amount produced begins to fall
as you hire more labor, other things constant, the marginal product begins to fall
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
as you consume more of a good, other things constant, the extra satisfaction you obtain from each extra good becomes negative

Explicação

Questão 7 de 33

1

The marginal utility of a second copy of today's New York Times is

Selecione uma das seguintes:

infinite
practically zero
positive and greater than the marginal of the first copy
equal to the marginal utility of the first copy

Explicação

Questão 8 de 33

1

Which of the following sayings describes the concept of diminishing marginal utility?

Selecione uma das seguintes:

time is money
penny wise and pound foolish
absence makes the heart grow founder
a penny saved is a penny earned

Explicação

Questão 9 de 33

1

the reason you don't drink 5 cups of coffee at breakfast is that

Selecione uma das seguintes:

the marginal utility of extra cups of coffee eventually diminishes
most people cannot afford 5 cups
the total utility of coffee rises as you consume more cups
the price of coffee rises as you consume more cups

Explicação

Questão 10 de 33

1

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

Selecione uma das seguintes:

marginal utility and price
income and price
marginal utility and total utility
love and death

Explicação

Questão 11 de 33

1

In exhibit 6-12, consumer surplus at a price of $2 is the difference between what consumers are willing to

Selecione uma das seguintes:

pay for a quantity of goods and what they actually pay, represented by triangle abc
pay for a quantity of goods and what they actually pay, represented by triangle dcb
pay for a quantity of goods and what they actually pay, represented by triangle adc
receive for a good and what they actually get, represented by triangle abc

Explicação

Questão 12 de 33

1

Which area in exhibit 6-13 represents consumer surplus at market equilibrium?

Selecione uma das seguintes:

area a
area b
area c
area a+b+c
area a+b

Explicação

Questão 13 de 33

1

Suppose I am willing to pay $300 for roller blades and I purchase them on sale for $200. My consumer surplus is

Selecione uma das seguintes:

$300
3/2
$100
$200
$0

Explicação

Questão 14 de 33

1

The consumers' surplus derived from the last unit of a good purchased

Selecione uma das seguintes:

tends to be less than 0
tends to be equal to 0
tends to be equal to the price of the good
tends to be greater than the price of the good

Explicação

Questão 15 de 33

1

The market demand curve is

Selecione uma das seguintes:

any individual's demand curve multiplied by the number of consumers in the market
the relationship between income and quantity demanded
the horizontal sum of the individual demand curve for all consumers in the market
the vertical summation of all individual demand curves

Explicação

Questão 16 de 33

1

A measure of consumer surplus in any market is

Selecione uma das seguintes:

total expenditure on the good
the area above the supply curve and below the price
the area beneath the demand curve
the area beneath the demand curve and above the price

Explicação

Questão 17 de 33

1

Consumers derive consumer surplus whenever

Selecione uma das seguintes:

the monetary value of total utility equal total expenditure
the monetary value of total utility is greater than total expenditure
The monetary value of total utility is less than total expenditure
marginal utility is greater than total utility

Explicação

Questão 18 de 33

1

For any given price, the more elastic the demand for a product is, the greater will be the consumer surplus

Selecione uma das opções:

VERDADEIRO
FALSO

Explicação

Questão 19 de 33

1

When a service, such as medical care, is provided free of charge,

Selecione uma das seguintes:

most people consume an infinite amount of it
most people do not much care about getting good value for their money
people do not derive any consumer surplus from it
we say that the demand for it is perfectly elastic

Explicação

Questão 20 de 33

1

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

Selecione uma das seguintes:

150
120
90
60
30

Explicação

Questão 21 de 33

1

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

Selecione uma das seguintes:

50
70
90
110
130

Explicação

Questão 22 de 33

1

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

Selecione uma das seguintes:

40
60
80
100
120

Explicação

Questão 23 de 33

1

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

Selecione uma das seguintes:

steep (slope will be more negative)
elastic
flat (slope will be less negative)
inelastic

Explicação

Questão 24 de 33

1

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

Selecione uma das seguintes:

her earned no consumer surplus
he would have earned consumer surplus if he had eaten one more hamburger
he was irrational
he may have earned consumer surplus on the first 2 hamburgers

Explicação

Questão 25 de 33

1

If you buy a good, its expected marginal value to you

Selecione uma das seguintes:

may be greater than or equal to but not less than its price
may be less than or equal to but not greater than its price
is less than its price
is greater than its price

Explicação

Questão 26 de 33

1

When the price is P in exhibit 6-11, the shaded area represents

Selecione uma das seguintes:

a shortage
producer surplus
a price floor
consumer surplus

Explicação

Questão 27 de 33

1

Consumer surplus is

Selecione uma das seguintes:

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
the difference between the price of the good paid by the consumer and the costs of production to the seller
the amount by which quantity supplied exceeds quantity demanded at the current market price
the amount by which quantity demanded exceeds quantity supplied at the current market price

Explicação

Questão 28 de 33

1

At point b in exhibit 6-9, total utility is valued at

Selecione uma das seguintes:

$30, consumer expenditure is $20, and consumer surplus is $10
$26, consumer expenditure is $20, and consumer surplus is $6
$20, consumer expenditure is $20, and consumer surplus is $0
$30, consumer expenditure is $4, and consumer surplus is $26

Explicação

Questão 29 de 33

1

What happens to consumer surplus as price falls along a given demand curve?

Selecione uma das seguintes:

it always increases
it always decreases
it never changes
it only increases if price increases just a little

Explicação

Questão 30 de 33

1

when price decreases, consumer surplus

Selecione uma das seguintes:

increases
remains constant
decreases
becomes negative

Explicação

Questão 31 de 33

1

at point a in exhibit 6-9, consumer surplus is

Selecione uma das seguintes:

$0
$5
$6
$20
$26

Explicação

Questão 32 de 33

1

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

Selecione uma das seguintes:

$5
$4
$1.50
$9.50
$12

Explicação

Questão 33 de 33

1

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

Selecione uma das seguintes:

cannot be determined without calculating an exact marginal valuation
increases a great deal over her consumer surplus on a normal day
will vary depending on whether hot chocolate is a normal or an inferior good
increases only if her demand curve is unit elastic

	Criado por mil8435 mais de 8 anos atrás

Mid Term II

Economics Ch. 6 Quiz

Questão 1 de 33

Marginal utility is a measure

Selecione uma das seguintes:

Explicação

Questão 2 de 33

"the second glass of Evian water was very good. May I have another?" which of the following is necessarily true regarding this statement?

Selecione uma das seguintes:

Explicação

Questão 3 de 33

Total utility can be calculated as the

Selecione uma das seguintes:

Explicação

Questão 4 de 33

Demand curves usually slope downward because of the income and substitution effects, and because of the law of diminishing marginal utility

Selecione uma das opções:

Explicação

Questão 5 de 33

Newspaper vending machines illustrate that publishers believe

Selecione uma das seguintes:

Explicação

Questão 6 de 33

Diminishing marginal utility means that

Selecione uma das seguintes:

Explicação

Questão 7 de 33

The marginal utility of a second copy of today's New York Times is

Selecione uma das seguintes:

Explicação

Questão 8 de 33

Which of the following sayings describes the concept of diminishing marginal utility?

Selecione uma das seguintes:

Explicação

Questão 9 de 33

the reason you don't drink 5 cups of coffee at breakfast is that

Selecione uma das seguintes:

Explicação

Questão 10 de 33

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

Selecione uma das seguintes:

Explicação

Questão 11 de 33

In exhibit 6-12, consumer surplus at a price of $2 is the difference between what consumers are willing to

Selecione uma das seguintes:

Explicação

Questão 12 de 33

Which area in exhibit 6-13 represents consumer surplus at market equilibrium?

Selecione uma das seguintes:

Explicação

Questão 13 de 33

Suppose I am willing to pay $300 for roller blades and I purchase them on sale for $200. My consumer surplus is

Selecione uma das seguintes:

Explicação

Questão 14 de 33

The consumers' surplus derived from the last unit of a good purchased

Selecione uma das seguintes:

Explicação

Questão 15 de 33

The market demand curve is

Selecione uma das seguintes:

Explicação

Questão 16 de 33

A measure of consumer surplus in any market is

Selecione uma das seguintes:

Explicação

Questão 17 de 33

Consumers derive consumer surplus whenever

Selecione uma das seguintes:

Explicação

Questão 18 de 33

For any given price, the more elastic the demand for a product is, the greater will be the consumer surplus

Selecione uma das opções:

Explicação

Questão 19 de 33

When a service, such as medical care, is provided free of charge,

Selecione uma das seguintes:

Explicação

Questão 20 de 33

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