HW 3 - ECO303.02 HW #3 Multiple-Choice Questions (1 pt per...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
ECO303.02 HW #3 Multiple-Choice Questions (1 pt per question) There is only one correct choice in the following questions. 1) An upward sloping indifference curve defined over two goods violates which of the following assumptions from the theory of consumer behavior? A) transitivity. B) preferences are complete. C) more is preferred to less. D) all of the above E) none of the above 2) The slope of an indifference curve reveals: A) that preferences are complete. B) the marginal rate of substitution of one good for another good. C) the ratio of market prices. D) that preferences are transitive. E) none of the above 3) When the income-consumption curve has a positive slope throughout its entire length, we can conclude that A) both goods are inferior. B) both goods are normal. C) the good on the vertical (y) axis is inferior. D) the good on the horizontal (x) axis is inferior. 4) The income-consumption curve for Dana between Qa and Qb is given as: Qa = Qb.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 3

HW 3 - ECO303.02 HW #3 Multiple-Choice Questions (1 pt per...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online