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Chapter 6 Utility Definition With Explained Answers 100% Correct Download To Score A, Exams of Nursing

Chapter 6 Utility Definition With Explained Answers 100% Correct Download To Score A

Typology: Exams

2021/2022

Available from 04/11/2022

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Download Chapter 6 Utility Definition With Explained Answers 100% Correct Download To Score A and more Exams Nursing in PDF only on Docsity!

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Chapter (^6) utility definition Question 1 1 / 1 point The term refers to the additional utility provided by one additional unit of consumption. a) utility b) added utility c) marginal utility d) Giffen utility Questi on 2

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poin t The arises when a price changes because consumers have an incentive to consume less of the good with a relatively higher price and more of the good with a relatively lower price. a) substitution effect

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b) preferences effect c) income effect d) backward-bending supply curve Chapter 6 American households Question 3 1 / 1 point How does the U.S. Bureau of Labor Statistics gather information with regard to the typical consumption choices of Americans? a) Consumer Expenditure Survey

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b) Consumer Income Budget Survey c) Consumer Spending Survey d) Consumer Income Survey Chapter 6 maximizing utility Question 4 1 / 1 point The marginal utility of two goods changes. a) if the mother controls the household budget b) if they are intertemporal choices c) with the quantities consumed d) for the better, if taxes are imposed Questi on 5

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poin t

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As a general rule, utility-maximizing choices between consumption goods occur where the: a) rise in income has created the greatest utility. b) constraints on budget expenditures has fallen substantially. c) higher-income households have the greatest satisfaction. d) price ratio and marginal utilities ratio of two goods is equal.

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Questi on 6

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poin t In terms of microeconomic analysis, what is the function of "utils"? a) applies to changes in income b) relates to a consumers original choice c) a measurement of utility d) a form of budget constraint Chapter 6 utilitymaximizing point Question 7 1 / 1 point In May and June, Tammy spent all her clothing budget on bathing suits and beach bags. Each bathing suit cost $75. At Tammy’s optimal choice, her marginal utility from the last bathing suit purchased is 300 and her marginal utility from the last beach bag purchased is 200. This means that each handbag must cost:

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a) (^) $ b) (^) $ c) (^) $ d) $ Chapter 6 Utility_consumer choice Question 8 1 / 1 point Even with wage increases, the supply curve of labor is most often inelastic for which of the following? a) massage therapists

a)

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b) part-time workers c) full-time workers d) lawyers Questi on 9

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poin t In the U.S., the amount in savings contributed to IRAs rose from $239 billion in 1992 to $3,667 billion by 2005, while overall savings actually dropped from low to lower. Evidence suggests that, in the economy as a whole, increased savings in these retirement accounts: are the negative result of a change in wage levels and a higher work effort.

b) c)

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the result of a higher interest rates and preferences about present consumption. are being offset by negative savings or less savings in other kinds of accounts. d) the result of personal preferences and intertemporal budget constraints. Questi on 10

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poin t The typical pattern revealed in a budget constraint model shows that as the quantity consumed rises, a) total utility decreases, but marginal utility rises.

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b) total utility decreases. c) total utility rises, but marginal utility falls. d) marginal utility increases. Chapter 6 utility maximizing choice (table) Question 11 1 / 1 point Terry attends college and works part-time job in a drug store. She can work up to 40 hours each week, and is paid $9 per hour. The table below shows her utility from different levels of leisure and income. If Terry decides to work 20 hours per week, her total utility from both leisure and income would be: Hours of Leisur e Total Utility from Leisure Income Total Utility from Income

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a) 142 b) 179 c) 110 d) 115 Chapter 7 industry_structure Question 12 1 / 1 point arises where many firms are competing in a market to sell similar but differentiated products. a) Oligopolistic competition b) Monopolistic competition c) Perfect competition

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d) Monogopolised competition Chapter 7 cost Question 13 1 / 1 point A firm's consist of expenditures that must be made before production starts that typically, over the short run, regardless of the level of production. a) fixed costs; are consistently changing, b) variable costs; are constantly changing,

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variable costs; do not change, c) d) fixed costs; do not change, Chapter 7 Diminishing variable returns Question 14 1 / 1 point In order to determine the average variable cost, the firm's variable costs are divided by. a) the quantity of output b) its' fixed costs c) diminishing marginal costs d) its' average costs Questi on 15

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poin t

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occur when the marginal gain in output diminishes as each additional unit of input is added. a) Diminishing marginal costs b) Diminishing variable returns c) Diminishing marginal returns d) Diminishing average returns

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Chapter 7 economies of scale Question 16 1 / 1 point In microeconomics, the term is synonymous with economies of scale. a) diminishing marginal returns b) decreasing returns to scale c) constant returns to scale d) increasing returns to scale Questi on 17

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poin t The term "constant returns to scale" describes a situation where

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a) a larger-scale firm can produce at a lower cost than a smaller-scale firm. b) expanding all inputs changes the average cost of production. the quantity of output rises and the average cost of production falls. c) d) expanding all inputs does not change the average cost of production. Chapter 7 total revenue Question 18 1 / 1 point The of all firms can be broken down into some common underlying patterns.

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a) total revenues b) cost structure c) diminishing short-run costs d) diminishing long-run costs Chapter 7 Problems with tables Question 19 1 / 1 point The table below sets out cost information for the production of volley balls. Some values are missing. Which of the following statements is correct? Quantit y Varia ble Cost Fixed Cost Total Cost Average Variable Cost ($ per unit) Marginal Cost ($ per unit)

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0 0 30 30 0 -

1 12 B 12 E

2 25 C D F

3 A 72 14 G

a) A = 70; E = 12 b) A = 42, E = 12

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c) (^) A = 70; E = 40 d) (^) A = 42; E = 40 Question 20 1 / 1 point Refer to the table below. Quantit y Cost (in dollar s) Fixe d Cos ts (in dollar s) Tot al Cos ts (in dollar s) Avera ge Total Costs (in dollar s per unit) Averag e Variabl e Costs (in dollars per unit) Margi nal Costs (in dollars per unit) 0 0 40 40 - - - - - - 1 1 40 55 15 55 15 2 35 40 75 17.5 37.5 20 3 60 40 100 20 33.3 25

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4 90 40 130 22.5 32.5 30

6 160 40 200 26.6 33.3 40

If this information were used to create a total cost graph, the curve should

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a) begin at 40 on the vertical axis and slope upward. b) become steeper as quantity increases. c) become steeper due to diminishing returns. d) reflect all of the above. Chapter 7 costs of production Question 21 1 / 1 point Whatever the firm’s quantity of production,must exceed total costs if it is to earn a profit. a) average costs b) variable costs c) total revenue d) marginal costs

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Questi on 22

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poin t tells a firm whether it can earn profits given the price in the market. a) Marginal cost b) Average marginal cost c) Average cost d) Total cost

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Questi on 23

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poin t Fixed costs are important because, at least in the , the firm . a) long run; can alter them b) short run; cannot alter them c) short run; can alter them d) long run; cannot alter them Questi on 24

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poin t help to explain why every economy, as it

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develops, has an increasing proportion of its population living in urban areas. a) Constant returns to scale b) Diseconomies of scale c) Economies of scale d) Agglomeration factors Chapter 7 questions with graph Question 25 1 / 1 point

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