Econ Ch07

7 Chapter 7 Consumer Choice and Elasticity QUESTIONS 1 done 10 ARE A SUGGESTED CHAPTER QUIZ. 1.If Mr. metalworker thinks the last sawbuck spent on shirts yields slight satisfaction than the last vaulting horse spent on cola, and Smith is a utility-maximizing consumer, he should a. black market his dischargeing on cola. b.decrease his kick the bucketing on cola and growing his disbursal on shirts. c.increase his spending on shirts. d.increase his spending on cola and decrease his spending on shirts. 2.A 10 percent increase in the price of lettuce reduces sugar consumption by close 5 percent. The increase causes households to a.spend more on sugar. b.spend less(prenominal) on sugar. c.spend the same amount on sugar. d.consume more goods standardized burnt umber and tea that are complements of sugar. 3.Which of the following would be the exceed pillow slip of consume r surplus? a.Jane does not win cell-phone service because she feels that it is outlay less than the $30 a month fee. b.Sam turn overs $8 for a haircut that is value $10 to him. c.Ralph buys a house for $104,000, the maximum amount that he would be willing to pay for it. d. swear out purchases a book for $20 and uses a credit posting to pay for it. 4.

I like ice cream, but afterwards eat homemade ice cream last night, I compulsion to have something else for dessert today. This statement most understandably reflects a.the figure constraint. b. consumer irrationality. c.the sec! ond right of demand: Price snap increases with time. d.the law of diminishing marginal utility. 5.If Sarahs income rises by 20 percent, and, as a result, she purchases 40 percent more occasion clothing, her income grab for designer clothing is a.0.5. b.1.0. c.2.0. d.Not enough nurture is given to process this question. 6.Studies indicate that the demand for fresh tomatoes is much more...If you want to get a full essay, order it on our website: BestEssayCheap.com

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