Econ_11_Prac_Quiz_2

Econ_11_Prac_Quiz_2 - Practice Quiz 2 1 Econ 11...

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Practice Quiz 2 1 Econ 11 Microeconomics Practice Quiz 2 1. Indifference curves a. are non-intersecting. b. are contour lines of a utility function. c. are negatively sloped. d. all of the above. 2. For an individual who consumes only two goods, x and y , the opportunity cost of consuming one more unit of x in terms of how much y must be given up is reflected by a. the individual's marginal rate of substitution. b. the market prices of x and y . c. the slope of the individual's indifference curve. d. none of the above. 3. If bundles of goods A and B lie on the same indifference curve, one can assume a. the individual prefers bundle A to bundle B . b. the individual prefers bundle B to bundle A . c. the individual enjoys bundle A and B equally. d. bundle A contains the same goods as bundle B .
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Practice Quiz 2 2 Problems 4 and 5 refer to an individual whose utility function is given by U(x, y) = 4 x + 2 y 4. With this utility function, the bundle (3,2) provides the same utility as the bundle
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This note was uploaded on 03/05/2008 for the course ECON 11 taught by Professor Cunningham during the Winter '08 term at UCLA.

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Econ_11_Prac_Quiz_2 - Practice Quiz 2 1 Econ 11...

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