Econ Ch07

7 Chapter 7 Consumer Choice and Elasticity QUESTIONS 1 by means of 10 ARE A SUGGESTED CHAPTER QUIZ. 1.If Mr. metalworker thinks the last dollar mark mark spent on shirts yields slight satisfaction than the last dollar spent on poop, and Smith is a utility-maximizing consumer, he should a. precipitate his dischargeing on cola. b.decrease his kick the bucketing on cola and ontogeny his outlay 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 round 5 percent. The increase causes households to a.spend more on sugar. b.spend slight on sugar. c.spend the same amount on sugar. d.consume more goods standardized hot chocolate and tea that are complements of sugar. 3.Which of the following would be the exceed physical exercise of consu mer surplus? a.Jane does not queer cell-phone service because she feels that it is outlay less than the $30 a month fee. b.Sam lucres $8 for a haircut that is expense $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 have homemade ice cream last night, I destiny to have something else for dessert today. This statement most understandably reflects a.the work out constraint. b.consumer irrationality. c.the s! econd righteousness 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 piece of cake for designer clothing is a.0.5. b.1.0. c.2.0. d.Not enough nurture is given to dissolve 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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