James has $100 to spend on footwear and movie tickets. He plans to spend no more than$25 on footwear and $10 on movie tickets. Figure 1(a) Figure 1(b) Footwear Footwear 4 2 10 IC ets 0 10 10 ets 45. (a) Figure 1(a) (with budget constraint 1) is most likely representative of James' budget constraint. (b) Figure 1(a) (with budget constraint 2) is most likely representative of James' budget constraint. (c) Figure 1(b) is most likely representative of James' budget constraint. (d) The budget constraint cannot be determined. 46. The movement from A to B (Figure 1(a)) is the result of an income effect. (a) True (b) False 47. It is most likely that by moving from A to B James is having the same amount of satisfaction. (a) True (b) False. 48. Considering Figures 1(a) and (b), it is most likely that the price of Footwear decreased. (a) True (b) False 49. Compensating differentials are largely due to adverse working conditions. (a) True (T) (b) False (F) 50 The slope of an isoquant is known as: (a) the marginal rate of technical substitution (b) the marginal rate of substitution (c) the marginal propensity to consume (d) all the options 37. To increase revenue, the monopolist must decrease price when demand is price elastic. (a) True (b) False 38. Suppose the marginal cost of a monopolist is less than the marginal revenue, the monopolist must: (a) increase output (b) decrease output (c) increase price (d) exit the market. 39. A monopolist is most likely to engage in price discrimination because of: (a) the total cost of production (b) the marginal cost of production (c) differences in elasticities (d) number of consumers. 40. Which of the following is a government guarantee/protection for literary work? (a) Copyright (b) Patents (c) Trademarks (d) Trade secrets (e) None of the options [US Patent and Trademark Ofce]. 41. In a product market, technological innovation will cause: (a) a change in the quantity of labor demanded (b) a change in supply (c) a change in the quantity supplied 42. The COVID-l9 epidemic was responsible for: (a) a change in the supply of labor (b) an increase in wage rates (0) a change in quantity of labor demanded (d) all the options. 43. In which of the following occupations do mean and women earn equal pay? (a) Nursing (b) The legal profession (c) Management (d) Retail sales (e) None of the options. 44. The percentage by which the earnings of men exceed that of women is most negligible in which of the following occupations? (a) Chief executives (b) Engineering (c) Counseling ((1) Teaching