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

Question 2 2. Which of these scenarios are indifference curves used to measure?

Question 3 3. A sale on beach balls would cause:

Question 4 4. How many people does an individual demand curve track?

Question 5 5. How can utility change?

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Question 6 6. When is it rational to throw money in the air with abandon?

Question 7 7. Cleo is always attentive to his clients' marginal rate of substitution. Which statement is most likely to be FALSE regarding Cleo's business?

Question 8 8. 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 9 9. What is one of the most common factors in happiness?

Question 10 10. What are three things money can buy that lead to happiness?

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Question 11 11. As a consumer's income increases, he or she will purchase more _____, such as _____.

Question 12 12. What is the definition of a good where there is an inverse relationship between changes in income and a demand curve?

Question 13 13. Frank goes to the Honda dealership to look for a new car. Not satisfied, he then goes to the Subaru dealership to view their inventory. How would an economist define the fact that Frank prefers Subarus over Hondas?

Question 14 14. What assumption focuses on consumer choices that result in different outcomes such as happiness, satisfaction, or utility?

Question 15 15. Due to the substitution effect, if the price of a good is increased, people will:

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Question 16 16. If I receive a salary raise of 10%, the income effect says that I will:

Question 17 17. What theory is concerned with understanding individual consumer decision making and its impact on businesses?

Question 18 18. In microeconomics, which of the following is considered a consumer?

Question 19 19. What does the rate of transformation measure?

Question 20 20. What do the points to the right of the rate of transformation curve tell us about a budget?

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Question 21 21. 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 22 22. Define optimization.

Question 23 23. Which of the following is a complement for a bathing suit? Why?

Question 24 24. At which point do the supply and demand curves meet?

Question 25 25. Which of the following is another way of describing why it's best to not get upset over a sunk cost?

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Question 26 26. How is the marginal rate of substitution best defined?

Question 27 27. What is a way can money provide happiness, yet you're not spending it on yourself?

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

Question 29 29. 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 30 30. 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?

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 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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