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midterm1_practice

midterm1_practice - UCLA Economics 11 Fall 2006 Professor...

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UCLA Economics 11 – Fall 2006 Professor Mazzocco PRACTICE MIDTERM NAME: _______________________________________ID:____________________ TA:__________________________________________________________________ Part 1: Multiple Choices 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. The slope of the budget constraint line is a. the ratio of the prices ( p x /p y ). b. the negative of the ratio of the prices ( p x /p y ). c. the ratio of income divided by price of y ( I/p y ). d.
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midterm1_practice - UCLA Economics 11 Fall 2006 Professor...

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