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The following is Clyde's monthly schedule of how many mini hamburgers he eats, depending upon the price of the hamburger.Quantity Purchased / Consumed Price Total Utility5 $5 10 utils10 $4 20 utils20 $3 30 utils35 $2 35 utils55 $1 35 utilsThe price of hamburgers decreases from $3 to $2 during the next month. This represents an elasticity of demand that is between ______.a) 0 and 1 (inelastic)b) 1 and 2 (elastic)c) 2 and 3 (elastic)d) 3 and 4 (elastic)The following is Clyde's monthly schedule of how many mini hamburgers he eats, depending upon the price of the hamburger.Quantity Purchased / Consumed Price Total Utility5 $5 10 utils10 $4 20 utils20 $3 30 utils35 $2 35 utils55 $1 35 utilsThe price of hamburgers is $5 this month. The total revenue the hamburger seller receives from Clyde this month is ______.a) $5b) $10c) $25d) $50If the price of an inferior good decreases, ____________.a) the substitution effect would lead the consumer to buy more of the goodb) the substitution effect would lead the consumer to buy less of the goodc) the income effect would lead the consumer to buy more of the goodd) it depends; any of the above may or may not occurThe following is Clyde's monthly schedule of how many mini hamburgers he eats, depending upon the price of the hamburger.Quantity Purchased / Consumed Price Total Utility5 $5 10 utils10 $4 20 utils20 $3 30 utils35 $2 35 utils55 $1 35 utilsClyde reaches the satiation point if ______.a) he consumes 10 hamburgers during the monthb) he consumes 20 hamburgers during the monthc) he consumes 35 hamburgers during the monthd) he consumes 55 hamburgers during the monthKaiden buys chocolate and donuts, which are both normal goods. When the price of chocolate rises, the substitution effect tells Kaiden to buy ____________.a) more chocolate and less donutsb) less chocolate and less donutsc) less chocolate and more donutsd) more chocolate and more donutsThe rule of utility maximization states, "To maximize utility, a consumer adjusts spending until _________."a) the total utility from the last dollar spent on each good is the sameb) the marginal utility from the last dollar spent on each good is the samec) the total utility from each good is the samed) the marginal utility from the last unit of each good is the sameEconomists often use "marginal analysis" in making decisions. Marginal refers to _________.a) a shift in a curveb) an incremental changec) a movement along a curved) the total amountWhich of the following might influence a person's marginal utility and thus their choices?a) product information they readb) addictive tendenciesc) advertisingd) all of the aboveIn Mexico, it takes 3 days to produce a bulldozer and 12 days to produce an airplane. In Brazil, it takes 2 days to produce a bulldozer and 10 days to produce an airplane. The opportunity cost of producing an airplane is lower in ________.a) Mexicob) Brazilc) neither; it is the same in both countriesd) either; it depends upon the elasticity of demand for airplanesIf the elasticity of demand equals 1, ____________.a) the quantity demanded changes proportionally to changes in priceb) the quantity demanded is relatively unresponsive to pricec) the quantity demanded is relatively responsive to priced) the quantity demanded is unrelated to priceKatie has a lemonade stand. She is currently charging 50 cents for a glass of lemonade. If the price elasticity of demand is 1.5, which of the following statements is true?a) If Katie raises her price, she will not lose very many new customers, and her total revenue will increase.b) If Katie raises her price, she will lose a lot of customers, and her total revenue will decrease.c) If Katie lowers her price, she will not get very many new customers, and her total revenue will decrease.d) none of the aboveThe reason the midpoint formula is used to calculate a percent change for elasticity is that with the midpoint formula ___________.a) elasticity is independent of the direction in which variables are changingb) elasticity is always a negative numberc) elasticity is always a number between -1 and 1d) elasticity is always a number between 0 and 1Money in the economy today ________.a) is needed in order for barter to occurb) is primarily commodity moneyc) facilitates the circular flow of economic activityd) is an economic resource from the input marketMarkets are efficient to the extent that they maximize _______.a) consumer surplusb) producer surplusc) social surplusd) deadweight lossScotts income rises by 10%. Due to his higher income, his demand for antique clocks increases by 25%. For Scott, antique clocks are ______ goods.A. normal ?B. inferior ?C. superiora) A and B onlyb) A and C onlyc) B and C onlyd) None of the above
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