ECON 2010 FINAL

77 i care about only two things scotch and swiss

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Unformatted text preview: centage change in their weight. It is a measure of how much their candy consumption would be affected by an increase in their weight. 77. I care about only two things: scotch and Swiss chocolate bars. Consider my utility function and indifference curves. My utility function looks like the crater of a volcano: my indifference curves are circles and the quantities of both commodities are positive at the bottom of the crater. Which of the following statements is both correct and most informative? A) Scotch is initially a good but then becomes a bad B) Scotch is initially a bad but then becomes a good. C) Scotch and chocolate are both bads D) Chocolate is a bad 78. For a market commodity ____ is exogenous and quantity is ____. For a nonmarket commodity ____ is exogenous and ____ is endogenous. (choose the best fill-ins) A) price, exogenous, price, quantity B) price, endogenous, price, value C) price, endogenous, quantity, price memorize D) price, endogenous, quantity, value Version 1 Page 17 79. A fish stock that lives in the ocean in international waters (outside the control of any government) is a public goo...
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This document was uploaded on 02/18/2014 for the course ECON 2010 at Colorado.

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