Microeconomics Study Set 11

Business

Quiz 4 :
Consumer Preferences

Quiz 4 :
Consumer Preferences

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Which of the following is NOT a reason why economists are interested in understanding consumer behavior?
Free
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Answer:

D

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The idea that all potentially available alternatives can be ordered according to a consumer's preferences is called:
Free
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Answer:

B

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When comparing two alternatives X and Y,a consumer either prefers X to Y,prefers Y to X,or is indifferent between them.This property is called:
Free
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Answer:

B

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If an individual prefers X to Y and prefers Y to Z then the consumer must also prefer X to Z.This property is called:
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When faced with all available alternatives,the consumer will select the one that is ranked the highest.This principle is called:
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According to the more-is-better principle:
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Netflix.com asks its customers to rate the videos they have watched.This information is then used to rank videos for other Netflix.com subscribers.These subscribers can then use the video rankings to help them decide on a video to rent.Through this process,Netflix.com is helping its customers apply the:
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The decisions consumers make about which goods to consume are interrelated because:
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Refer to Table 4.1.If Mike starts with 3 CDs and 2 economics books,would he be willing to trade one CD for an economics book? img
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Refer to Table 4.1.If Mike starts with 4 CDs and 1 economics book,would he be willing to trade one CD for two economics books? img
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Refer to Table 4.1.Mike's preferences are consistent with the More-Is-Better Principle because: img
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Refer to Table 4.1.Mike's preferences are consistent with the Ranking Principle because: img
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A curve that shows all of the alternative consumption bundles that the consumer likes equally well is called:
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If the more-is-better principle holds,two different consumption bundles can't be equally attractive unless:
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Which of the following is NOT a property of indifference curves?
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According to Figure 4.1,which of the following statements is true? img
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If the more-is-better principle holds,then indifference curves must:
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If two consumption bundles lie on the same indifference curve,then:
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Teresa consumes both steak and lobster.Suppose the formula for her indifference curves is S = U - 1.5L,where S stands for the number of steaks,L stands for the number of lobsters,and U represents utility.Which of the following bundles would Teresa prefer?
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Dane consumes both hamburgers and pizza.Suppose the formula for his indifference curves is H = U - 2 P,where H stands for the number of hamburgers,P stands for the number of pizzas,and U represents utility.Which of the following statements is true?
Multiple Choice
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