Review Chapter 5

Review Chapter 5 - Econ 221 Winter, 2008 Williamson Review...

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Econ 221 Winter, 2008 Williamson Review of Chapter 5 1)
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Jane has $500 a week to spend on food ( f ) and clothing ( c ). The price of food is $10 and the price of clothing is $25. What is the equation for Jane ʹ s budget constraint? A)
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f + c < $500
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B) $10f + $25c ≥ $500
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$10f + $25c = $500
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D) $10f /$25c = $500 Refer to the information provided in Figure 6.3 below to answer the questions that follow. Figure 6.3 2 )
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cassette tapes increased.
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B) CDs decreased.
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CDs increased.
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D) cass ette tapes decreased. Refer to the information provided in Table 6.1 below to answer the questions that follow. Table 6.1 3 )
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10.
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B)
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15.
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C)
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35.
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D) 5 5 .  
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first
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B)
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second
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C)
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third
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D) f o u r th  
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4 sodas and 1 hamburger.
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B) 1 soda and 2 hamburgers.
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3 sodas and 1.5 hamburgers.
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D) indet erminate from this information.   6 ) less of both X and Y .
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amount of X and Y since he is already maximizing utility. C)
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Review Chapter 5 - Econ 221 Winter, 2008 Williamson Review...

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