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1、1.?Wecanusethetheoryofconsumerchoicetoanalyze?a.?whymostdemandcurvesslopedownward.?b.?thetradeoffbetweenworkandleisure?c.?howinterestratesaffecthouseholdsaving.?d.?Alloftheabovearecorrect.ANSWER:??dDIFFICULTY:??EasyLEARNING?OBJECTIVES:??ECON.MANK.088-Evaluatehowaconsum
2、ercanmaximizeutilitysubjecttobudgetlimitations.TOPICS:??ConsumertheoryKEYWORDS:??BLOOM'S:ApplicationCUSTOM?ID:??001.21.4-MC-MANK082.?SupposethepriceofgoodXfallsandtheconsumptionofgoodXincreases.FromthiswecaninferthatXisa(n)(i)normalgood.(ii)inferiorgood.(iii)Giffengood
3、.?a.?(i)only?b.?(i)or(ii)only?c.?(iii)only?d.?(ii)or(iii)onlyANSWER:??bDIFFICULTY:??ModerateLEARNING?OBJECTIVES:??ECON.MANK.057-Determineifagoodisnormalorinferiorbyinterpretingagraphrepresentingconsumer'spreferencesandaffordability.TOPICS:??ConsumertheoryKEYWORDS:??BLO
4、OM'S:ComprehensionCUSTOM?ID:??002.21.4-MC-MANK083.?WhenAdam’sincomeincreases,hepurchasesmoreticketstoBroadwaymusicalsthanhedidbeforehisincomeincreased.ForAdam,Broadwaymusicalsarea(n)?a.?normalgood.?b.?inferiorgoodthatisnotaGiffengood.?c.?Giffengood.?d.?optimalgood.ANSW
5、ER:??aDIFFICULTY:??EasyLEARNING?OBJECTIVES:??ECON.MANK.057-Determineifagoodisnormalorinferiorbyinterpretingagraphrepresentingconsumer'spreferencesandaffordability.TOPICS:??ConsumertheoryKEYWORDS:??BLOOM'S:ApplicationCUSTOM?ID:??003.21.4-MC-MANK084.?GoodXisaninferiorgoo
6、dbutnotaGiffengood.WhenthepriceofXincreases,theconsumerwillconsume?a.?moreX.?b.?thesameamountofX.?c.?lessX.CopyrightCengageLearning.PoweredbyCognero.Page?24?d.?moreorlessXdependingonthesizeoftheincomeeffectrelativetothesizeofthesubstitutioneffect.ANSWER:??cDIFFICULTY:?
7、?ModerateLEARNING?OBJECTIVES:??ECON.MANK.088-Evaluatehowaconsumercanmaximizeutilitysubjecttobudgetlimitations.TOPICS:??ConsumertheoryKEYWORDS:??BLOOM'S:AnalysisCUSTOM?ID:??004.21.4-MC-MANK085.?SupposethepriceofgoodXfalls.Asaresult,thequantitydemandedforgoodXincreasesfo
8、raparticularconsumer.Forthisconsumer,thesubstitutioneffectinducedtheconsumertopurchasemoreXwhiletheincomeeffectinduce
