Econ 1 First Exam on Demand. (Chs 10 and 5) Name (last first) ___________________________,______________________ last Indicate the appropriate (econ 1) choice for each of the following: [ANSWERS FOR THIS PORTION BELOW] ___ budget constraint ___ utility ___ marginal utility ___ inelastic demand ___ income effect ___ cross-price elasticity of demand A This is likely to be positive between ice tea and beer B A really good Boy Scout knife has a lot of this C A rational consumer tries to get as much of this as possible D What a lawyer makes when he refuses to negotiate E It s because of this that some folks will buy more of a commodity as its price increases F When consumers get confused and mix up the prices that they paid for commodities G Income and prices are what this is all about H A power company that is poorly managed I For most folks this keeps getting smaller and smaller the more tea they drink
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This note was uploaded on 09/18/2011 for the course ECON 1 taught by Professor Fung during the Winter '08 term at UCSC.