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Georgia Milestones: Consumer Behavior & Microeconomics 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. Due to the substitution effect, if the price of a good is increased, people will:

Question 2 2. If I take a pay cut of 10%, what will likely happen to my spending?

Question 3 3. Which of the following is a substitute good for butter?

Question 4 4. A sale on beach balls would cause:

Question 5 5. In microeconomics, which of the following is considered a consumer?

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Question 6 6. Susan is analyzing a demand curve for goods. She observes that the curve shifts to the right and increases to show a direct relationship. What can Susan conclude about this curve?

Question 7 7. What is the definition of a good where there is an inverse relationship between changes in income and a demand curve?

Question 8 8. How many people does an individual demand curve track?

Question 9 9. Why should producers be smart consumers when it comes to the use of resources?

Question 10 10. All of the following are normal goods EXCEPT:

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Question 11 11. Why is the real equilibrium point difficult to find?

Question 12 12. When is it rational to throw money in the air with abandon?

Question 13 13. If you go to a coffee shop to buy coffee and end up also buying a cake pop, the cake pop is which kind of good?

Question 14 14. What will happen when a large segment of the population has increased demand for a product?

Question 15 15. Which of the following is a complementary good for a bicycle?

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Question 16 16. Which of the following comes closest to being a perfect complement?

Question 17 17. According to microeconomics, how are consumers MOST likely to behave in the marketplace?

Question 18 18. How can utility change?

Question 19 19. Mariposa wants to purchase a private helicopter for her company, but her investors thinks that it's a waste of money. How can she convince them that this purchase would maximize utility for the company?

Question 20 20. Why do businesses care about microeconomic assumptions about consumer behavior?

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Question 21 21. The following items are always present in Julie's handbag: Prescription medicine, toilet paper, chewing gum, reading glasses, and a pen. Which item would you expect to have the highest marginal rate of substitution?

Question 22 22. If I receive a salary raise of 10%, the income effect says that I will:

Question 23 23. A used laptop is an example of a(n):

Question 24 24. Cleo is always attentive to his clients' marginal rate of substitution. Which statement is most likely to be FALSE regarding Cleo's business?

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 is the name of the model we use to find out more about complements and substitutes?

Question 27 27. Jennifer really enjoys watching hockey, but she doesn't have very much money. Which of the following will most likely maximize her utility?

Question 28 28. How are indifference curves useful?

Question 29 29. What do indifference curves measure?

Question 30 30. A rightward shift of the individual demand curve reflects which of the following?

Georgia Milestones: Consumer Behavior & Microeconomics 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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