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Microeconomics in Consumer Behavior 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 "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!

Page 1

Question 1 1. 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?

Question 2 2. How is the marginal rate of substitution best defined?

Question 3 3. 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 4 4. A used laptop is an example of a(n):

Question 5 5. Points on the rate of transformation curve indicate which of the following?

Page 2

Question 6 6. What do the points to the right of the rate of transformation curve tell us about a budget?

Question 7 7. Cindy buys five pairs of shoes and is very happy with her purchase. Even though she has many shoes, she thinks about buying more the next week. How would economists describe Cindy's desire to keep shopping?

Question 8 8. What assumption focuses on consumer choices that result in different outcomes such as happiness, satisfaction, or utility?

Question 9 9. Which of the following is an example of a preference?

Question 10 10. Define optimization.

Page 3

Question 11 11. Maia has recently developed an allergy to peanuts. This will cause:

Question 12 12. At which point do the supply and demand curves meet?

Question 13 13. How can money buy time?

Question 14 14. What are three things money can buy that lead to happiness?

Question 15 15. According to microeconomics, how are consumers MOST likely to behave in the marketplace?

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Question 16 16. What theory is concerned with understanding individual consumer decision making and its impact on businesses?

Question 17 17. If I receive a salary raise of 10%, the income effect says that I will:

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

Question 19 19. What is the name of the model we use to find out more about complements and substitutes?

Question 20 20. Which of the following is a complement for a bathing suit? Why?

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Question 21 21. How can utility change?

Question 22 22. What is a sunk cost?

Question 23 23. Which is an UNLIKELY effect of a producer only taking into consideration their own marginal rate of substitution and not that of their clients?

Question 24 24. What is the definition of a good where there is an inverse relationship between changes in income and a demand curve?

Question 25 25. What does the rate of transformation measure?

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Question 26 26. What would explain why a consumer prefers good 1 to good 2, and prefers good 2 to good 3 and thus should prefer good 1 to good 3?

Question 27 27. 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 28 28. How many people does an individual demand curve track?

Question 29 29. What is a way can money provide happiness, yet you're not spending it on yourself?

Question 30 30. In microeconomics, which of the following is considered a consumer?

Microeconomics in Consumer Behavior 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 "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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