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Question 1
5 out of 5 points
Suppose a production possibilities frontier can be expressed as 9X2 + Y2= 81 what is the opportunity cost of going from 1 unit of X to 2 units of X (in terms of units of Y)?
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Question 2
5 out of 5 points
Q = 4; P = 10
Correct Answer:
Q = 4; P = 10
y
Question 3
0 out of 5 points
The underlying reason early economists believed a (short-run) supply curve would be upward sloping is because of
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Question 4
5 out of 5 points
Suppose right (R) and left (L) shoes are only useful if produced in equal proportion and societal happiness is expressed as min(R,L). The contour lines would be
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L-shaped
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L-shaped
y
Question 5
5 out of 5 points
X = 3, Y = 5.
Correct Answer:
X = 3, Y = 5.
y
Question 6
5 out of 5 points
Question 7
5 out of 5 points
Question 8
5 out of 5 points
Question 9
5 out of 5 points
Question 10
0 out of 5 points
0<
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<1
>1
y
Question 11
0 out of 5 points
If people like their goods in fixed proportions, the two goods are
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Perfect substitutes
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Perfect complements
y
Question 12
0 out of 5 points
If an individual has a constant MRS of shoes for sneakers of 3/4 (that is, he or she is always willing to give up 3 pairs of sneakers to get 4 pairs of shoes) then, if sneakers and shoes are equally costly, he or she will
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Question 13
5 out of 5 points
Question 14
0 out of 5 points
Question 15
0 out of 5 points
Suppose a little girl likes peanut butter and jelly sandwiches with exactly 2T of jelly and 1T of peanut butter. Suppose further that her mom agrees to make sandwiches to those exact specifications and the price of peanut butter is $.25/T and the price of jelly is $.10/T. If she has $1.8 to spend on peanut butter and jelly ingredients (ignore the bread) in a week, how many sandwiches will she make?
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8
Correct Answer:
4
y
Question 16
5 out of 5 points
Suppose a cup of coffee at the campus coffee shop is $2.50 and a cup of hot tea is $1.25. Suppose a students beverage budget is $20 per week. What is the algebraic expression of the budget?
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Question 17
5 out of 5 points
If an individuals indifference curve map does not obey the assumption of a diminishing MRS, then
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Tangencies of indifference curves to the budget constraint may not be points of utility maximization. Tangencies of indifference curves to the budget constraint may not be points of utility maximization.
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Question 18
5 out of 5 points
If bundles of goods A and B lie on the same indifference curve, one can assume the individual
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Question 19
5 out of 5 points
Indifference curves
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Question 20
0 out of 5 points
Suppose a teenager has $20 and likes both rap music (R) and country music (C) with a set of preferences so that U = C1/2R1/2. Suppose that the iTunes price of a rap music song is and the price of a country music song is affordable?
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16
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