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This quiz covers materials from Module 3: The Production Decision

Flag question: Question 1Question 12pts

The ________________ arises when a price changes because consumers have an incentive to consume less of the good with a relatively higher price and more of the good with a relatively lower price.

Group of answer choices

income effect

substitution effect

backward-bending supply curve

preferences effect

Flag question: Question 2Question 22pts

The most common pattern for marginal utility is ____________________.

Group of answer choices

diminishing marginal utility

a budget constraint model

a long-term perspective theoretical model

substitute consumption

Flag question: Question 3Question 32pts

Bob budgets $12 a week for entertainment. He splits his time between going to the movies and going to the gym. Each movie costs $3 and each session at the gym also costs $3. The total utility from each of these activities is shown in the table below. Bob's utility maximizing point is:

Movies	Total Utility	Gym Costs	Total Utility
0	0	0	0
1	30	1	50
2	55	2	85
3	76	3	115
4	92	4	107
5	103	5	111
		6	114
		7	115

Group of answer choices

3 movies; 3 gym workout sessions

4 movies; 0 gym workout sessions

4 movies; 2 gym workout sessions

1 movie; 5 gym workout sessions

Flag question: Question 4Question 42pts

In September, Sandy spent all her clothing budget on jeans and sweaters. Each pair of jeans cost $60. At Sandy's optimal choice, her marginal utility from the pair of jeans purchased is 100 and her marginal utility from the last sweater purchased is 150. This means that each handbag must cost:

Group of answer choices

$25

$40

$90

$60

Flag question: Question 5Question 52pts

The typical pattern revealed in a budget constraint model shows that as the quantity consumed rises,

Group of answer choices

total utility rises, but marginal utility falls.

marginal utility increases

total utility decreases, but marginal utility rises.

total utility decreases.

Flag question: Question 6Question 62pts

An inferior good is a product:

Group of answer choices

for which demand increases as income increases.

for which there is no demand.

for which demand decreases as income increases.

that has an upward sloping demand curve.

Flag question: Question 7Question 72pts

Which of the following is most likely to cause variation in American household spending patterns?

Group of answer choices

differing levels of family income

geographical location of households

each household's personal preferences

each of the above will cause a variation

Flag question: Question 8Question 82pts

Refer to the above diagram. In this instance:

Group of answer choices

the BC line is diagonal because the amount spent on both goods is less or equal to income.

the consumer will find that every point along the I3 line is outside the budget constraint.

the consumer will find the highest utility where x and y just touch the I2 line.

all of the above and the consumer can choose any point on or below the budget constraint line BC.

Flag question: Question 9Question 92pts

Economic profit includes:

Group of answer choices

explicit costs only

implicit costs only

both implicit and explicit costs

labor costs only

Flag question: Question 10Question 102pts

Business pay income taxes based on

Group of answer choices

accounting profits

economic profits

inflation-adjusted profits

revenues