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ECON 301 - Quiz 1

# ECON 301 - Quiz 1 - Economics301 Quiz 1(Fall 2010 You...

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Economics 301: Quiz 1 (Fall 2010) You have 35 minutes to complete this quiz. Please do not turn to page two until asked to. GOOD LUCK! 1

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Section I: True or False This section is worth a total of 6 marks. There are 6 questions worth 1 marks each; answer all of them. Simply indicate if you think the statement is true or false. 1. Assume that for all goods, more is preferred to less. If Bundles X and Yare lie on the same indifference curve and preferences are convex, then a mixture consisting of 50% of Bundle X and 50% of Bundle Y will be preferred to Bundle Y. True 8 2. Jenna's utility function is U(ql, q2) = (ql + q2)2.5 + 24. Her indifference curves are downward- :-~.' parallel straight lines. M ~ 5 = C ~ False \ ~ -- \ +-'2 ~' 2X'-+-'t Section II: Multiple Choice This section is worth a total of 14 marks. There are 7 questions worth 2 marks each; answer all of them. Select the best answer from those available. Wanda Littlemore's utility function is U = x + 47y - 3y2. Her income is \$107. If the price of x is \$1 and the price of y is \$23, how many units of good x will Wandademand?
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ECON 301 - Quiz 1 - Economics301 Quiz 1(Fall 2010 You...

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