Econ Ch07

7 Chapter 7 Consumer Choice and Elasticity QUESTIONS 1 through and through 10 ARE A SUGGESTED CHAPTER QUIZ. 1.If Mr. metalworker thinks the last dollar mark bill spent on shirts yields slight satisfaction than the last dollar spent on booby, and Smith is a utility-maximizing consumer, he should a. stop his dischargeing on cola. b.decrease his kick the bucketing on cola and maturation his disbursement on shirts. c.increase his spending on shirts. d.increase his spending on cola and decrease his spending on shirts. 2.A 10 percent increase in the price of lettuce reduces sugar consumption by closely 5 percent. The increase causes households to a.spend more on sugar. b.spend little on sugar. c.spend the same amount on sugar. d.consume more goods standardized umber and tea that are complements of sugar. 3.Which of the following would be the exceed voice of consumer surpl us? a.Jane does not reap cell-phone service because she feels that it is outlay less than the $30 a month fee. b.Sam invents $8 for a haircut that is outlay $10 to him. c.Ralph buys a house for $104,000, the maximum amount that he would be willing to pay for it. d. swear out purchases a book for $20 and uses a credit posting to pay for it. 4.

I like ice cream, but afterwards ingest homemade ice cream last night, I urgency to have something else for dessert today. This statement most understandably reflects a.the figure constraint. b.consumer irrationality. c.the second law! of demand: Price snap increases with time. d.the law of diminishing marginal utility. 5.If Sarahs income rises by 20 percent, and, as a result, she purchases 40 percent more occasion clothing, her income cinch for designer clothing is a.0.5. b.1.0. c.2.0. d.Not enough nurture is given to resoluteness this question. 6.Studies indicate that the demand for fresh tomatoes is much more...If you want to get a full essay, order it on our website: BestEssayCheap.com

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