# Microeconomics Study Set 11

## 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
Multiple Choice

D

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

B

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
Multiple Choice

B

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:
Multiple Choice
When faced with all available alternatives,the consumer will select the one that is ranked the highest.This principle is called:
Multiple Choice
According to the more-is-better principle:
Multiple Choice
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:
Multiple Choice
The decisions consumers make about which goods to consume are interrelated because:
Multiple Choice
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?
Multiple Choice
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?
Multiple Choice
Refer to Table 4.1.Mike's preferences are consistent with the More-Is-Better Principle because:
Multiple Choice
Refer to Table 4.1.Mike's preferences are consistent with the Ranking Principle because:
Multiple Choice
A curve that shows all of the alternative consumption bundles that the consumer likes equally well is called:
Multiple Choice
If the more-is-better principle holds,two different consumption bundles can't be equally attractive unless:
Multiple Choice
Which of the following is NOT a property of indifference curves?
Multiple Choice
According to Figure 4.1,which of the following statements is true?
Multiple Choice