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Question 21 1 points Save A Normal Form Game: The table below provides a normal form, 2 x 2 game. The players are Column and Row. Column can choose either LEFT or RIGHT, and Row can choose either UP or DOWN. Their payoffs for each combination of moves are provided in the four boxes. Column Row LEFT RIGHT -7 -8 UP -5 -4 DOWN -4 -3 In the above game, the Row player has a dominant strategy. mixed A. False O B. TrueQuestion 22 1 points Save A consumer is currently at point A, as shown in the figure below. With the given budget line and indifference curve to maximize utility she should: good 2 good 1 A. buy less of good 1, more of good 2. O B. remain at A. O C. buy less of good 1, and less of good 2. O D. buy more of good 1, and less of good 2. O E. move all the way to B.Question 23 When MU |/P | = MU 2/P 2, the indifference curve and budget line are necessarily tangent. O True O FalseQuestion 24 Figure: Consumer Equilibrium 1 Quantity of good Y (per period) A B 0 NS R L Quantity of good X (per period) Reference: Ref 11-1 (Figure: Consumer Equilibrium 1) Bundle _ has a larger MRS than bundle O A. I ; K OB. H; I OC. J; I O D. All of the aboveQuestion 25 Consumer equilibrium on an indifference map is at: O A. any intersection of the budget line and an indifference curve. O B. any point inside the budget line. O C. that point where the budget line is tangent to an indifference curve. O D. any point on the highest indifference curve shown on the indifference map. O E. any point on the budget line.Question 26 An increase in the consumer's income will do all of the following, except: O A. shift the budget line away from the origin. O B. increase the horizontal intercept. O C. increase the vertical intercept. O D. change the slope of the budget line.Question 27 Figure: Consumer Equilibrium III Quantity of placemats QA A Q3 B E Q2 12 Q1 0 Q5 Q6 Q7 QB Quantity of tamales Reference: Ref 10-18 At point the MRS is more (in absolute value) than the price of tamales ( PT) divided by the price of placemats ( P p). OA. A OB. B OC. C OD. FQuestion 28 As shown in the figure below a shift in the budget line from AB to AC represents: A good 2 B good 1 O A. an increase in the price of good 1. O B. an increase in the price of good 1. O C. a decrease in the price of good 1. O D. a decrease in the price of good 2 O E. none of the above.Question 29 Figure and Table: The Changing Slope of an Indifference Curve Quantity of restaurant meals 30 W 20 X 15 12 . . . . . .'. . . . . 10 - . . . .. . . . . . . . . ... 2 3 Quantity of rooms Consumption bundle Quantity of Quantity of rooms restaurant meals V 2 30 W 3 20 X 4 15 UT 12 Z 6 10 Reference: Ref 11-6 (Figure and Table: The Changing Slope of an Indifference Curve) When going from bundle Z to bundle Y, the utility from Rooms decreases by . This means that the MU of the additional two Meals (from 10 to 12) must be 12. A. 24 OB. 6 O C. 2 O D. 15Question 30 Figure: Consumer Equilibrium 1 Quantity of good Y (per period) F A B Q-... . . . C 0 NSR L Quantity of good X (per period) Reference: Ref 11-1 (Figure: Consumer Equilibrium 1) All bundles on indifference curve B provide more utility than O A. Bundle ] O B. Bundle K O C. Bundle I O D. All of the above O E. None of the aboveQuestion 31 Figure: Consumer Equilibrium III Quantity of placemats Q4 A Q3 B Q2 12 Q1 F 0 Q5 26 Q7 QB Quantity of tamales Reference: Ref 10-18 At point the MRS is less (in absolute value) than the price of tamales ( PT) divided by the price of placemats ( P p). O A. A OB. B OC. C OD. FQuestion 32 An indifference curve is a line that shows all the consumption bundles: A. that have the same marginal rate of substitution. B. that yield the same total utility for an individual. C. that yield the same marginal utility. D. that an individual can purchase with a given income. Question 33 Figure 5A-1 2 3 4 5 6 X Reference: Ref 5A-1 Refer to Figure 5A-1. If X costs $6 per unit and Y costs $5 per unit, what is the income of this household? O A. $25. O B. $30. O C. $36. O D. Not enough information. O E. None of the above.Qustion 34 Which of the following statements concerning indifference curves is correct? A. An indifference curve is the locus of points describing proportional price levels of the two goods. " B. Indifference curves presuppose the measurement of total utility and marginal utility. " C. An indifference curve is the locus of points representing various combinations of two goods about which the consumer is indifferent. " D. Indifference curves presuppose the validity of the \"law of diminishing returns." " E. None of the above. question 35 1 poil Suppose Mary is currently spending all her income on cookies and milk. The marginal utility of cookies is 15, the price of cookies is $5, the marginal utility of milk is 10, and the price of milk is $1. To increase her total utility. Mary should: ' ' A. buy more of both goods. ' B. buy more cookies and less milk. " C. do nothing. She is currently maximizing utility with her limited budget. ' D. buy less of both goods. " E buy more milk and fewer cookies. Question 36 The slope at any point on an indifference curve measures the relative marginal utilities of the two goods at that point. True False Question 37 Figure and Table: The Changing Slope of an Indifference Curve Quantity of restaurant meals 30 W 20 . . . . . . .. X 15 12 .'.. . . .'. . . . . 10 . . . . . . . .. . . . . . . . . . . . . . . . . . . 2 Co 5 6 Quantity of rooms Consumption bundle Quantity of Quantity of rooms restaurant meals V 2 30 W 3 20 X 15 Y 12 Z 6 10 Reference: Ref 11-6 (Figure and Table: The Changing Slope of an Indifference Curve) The slope between points X and Y in the accompanying figure is: O A. -3. OB. - 1/3. OC. -5. O D. 3.Question 38 Figure: Consumer Equilibrium 1 Quantity of good Y (per period) F B Q . . .. 0 NS R L Quantity of good X (per period) Reference: Ref 11-1 (Figure: Consumer Equilibrium 1) Bundle _ has a larger MRS than bundle O A. K ; H OB. G ; K O C. I; J OD.J; IQuestion 39 Exhibit: Budget Constraint Tom is trying to decide how to allocate his $50 budget for CD purchases and DVD rentals when the price of a CD is $10 and the price of a DVD rental is $5. Reference: Ref 10-2 (Exhibit: Budget Constraint) Which of the following combinations of CD purchases and DVD rentals lie on Tom's budget line? O A. 5 CDs and 0 DVDs O B. O CDs and 5 DVDs O C. 10 CDs and 5 DVDs O D. 5 CDs and 10 DVDsQuestion 40 The supply curve in a market is given by P = 9 + 5.530(0), while the demand curve is P = 33 - 44(0). The consumer surplus and producer surplus at the equilibrium will be CS E = _ PS E = _. A. 12.6 ; 1.4 B. 6.8 ; 12 C. 52 ; 0.6 D. 12.6 ; 3.0 E. 9.6 ; 1.4