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Consumer Behavior & Microeconomics Lesson Plans Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. According to microeconomics, how are consumers MOST likely to behave in the marketplace?

Question 2 2. How can utility change?

Question 3 3. Cleo is always attentive to his clients' marginal rate of substitution. Which statement is most likely to be FALSE regarding Cleo's business?

Question 4 4. ABC Clothing primarily sells shirts and pants, but they are across the street from XYZ Clothing who also sells primarily shirts and pants. How could ABC help their consumers begin to prefer their brand to XYZ?

Question 5 5. Who would you expect to get the MOST use out of a market demand curve for bottled water?

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Question 6 6. What will happen when a large segment of the population has increased demand for a product?

Question 7 7. How many people does an individual demand curve track?

Question 8 8.

Choco Company Ltd sells chocolates and has noted a decrease in the demand for chocolate across the board due to a dissatisfaction in the taste.

How should the company react?

Question 9 9. Which of the following situations demonstrates a failure to maximize utility?

Question 10 10. If I receive a salary raise of 10%, the income effect says that I will:

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Question 11 11. How can producers use Engel curves?

Question 12 12. Which of the following is an example of a preference?

Question 13 13. Why do businesses care about microeconomic assumptions about consumer behavior?

Question 14 14. Who has an unlimited amount of money?

Question 15 15. Which would have the biggest effect on a market demand curve for a whole city?

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Question 16 16. Due to the substitution effect, if the price of a good is increased, people will:

Question 17 17. Why is the real equilibrium point difficult to find?

Question 18 18. If I take a pay cut of 10%, what will likely happen to my spending?

Question 19 19. Which of the following is another way of describing why it's best to not get upset over a sunk cost?

Question 20 20.

Maggy adored eating lollipops until she suddenly got sick and decided not to eat any more lollipops.

Determine what will happen to the market demand curve for lollipops in that area.

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Question 21 21. What percentage of the United States economy is supported by consumer spending?

Question 22 22. Are all goods necessarily related and subject to an indifference curve?

Question 23 23. What would happen to the demand curve when a large segment of the population would have a decreased demand for a product?

Question 24 24. In microeconomics, which of the following is considered a consumer?

Question 25 25. The following items are always present in Margaret's handbag: Prescription medicine, toothpicks, chewing gum, and a pen. Which item would you expect to have the lowest marginal rate of substitution?

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Question 26 26. What do indifference curves measure?

Question 27 27. Why should producers be smart consumers when it comes to the use of resources?

Question 28 28. All of the following are normal goods EXCEPT:

Question 29 29. What do the points to the right of the rate of transformation curve tell us about a budget?

Question 30 30. What is a sunk cost?

Consumer Behavior & Microeconomics Lesson Plans Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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