testquestions

testquestions - Econ 100: Sample Midterm Questions Some...

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

View Full Document Right Arrow Icon
Econ 100: Sample Midterm Questions Some questions will resemble those you have done in MyEconLab, except there will be no multiple choice questions. The questions here are intended to give you an idea of questions on the midterm that are NOT like those you have seen in MyEconLab. The following problems are largely from the textbook. They illustrate the kinds of questions that will be included on the test (although test questions may not be drawn from the textbook.) 1. Explain why two indifference curves cannot intersect. (Answer: This would mean preference is intransitive: bundle A preferred to B; B preferred to C; C preferred to A. In this case, preferences would not correspond to any utility function, and the consumer would not be able to settle on any consumption bundle.) 2. What happens to the marginal rate of substitution as you move along a linear indifference curve? What sort of goods induce such a preference map? (Answer: MRS is constant along a linear indifference curve, meaning that the consumer is willing to
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 / 2

testquestions - Econ 100: Sample Midterm Questions Some...

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