6115pq6

6115pq6 - Practice Quiz Chapter 6 1. a. b. c. d. If Mary...

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Practice Quiz – Chapter 6 1. If Mary prefers bananas to plums and plums to peaches, but is indifferent between bananas and oranges, she a. prefers oranges to peaches. b. prefers plums to oranges. c. is indifferent between oranges and plums. d. is indifferent between oranges and peaches. 2. A typical indifference curve a. shows all combinations of goods that give a consumer the same level of utility. b. shows that as a consumer has more of a good he is less willing to exchange it for one unit of another good. c. shifts out if income increases. d. both a and b e. all of the above 3. The rate at which a consumer is ABLE to substitute one good for another is determined by a. the indifference map. b. the marginal rate of substitution. c. the consumer's income. d. the ratio of the prices of the goods. 4. The slope of an indifference curve shows a. the change in utility from an additional unit of the good. b.
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6115pq6 - Practice Quiz Chapter 6 1. a. b. c. d. If Mary...

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