Hong Kong Shue Yan University
Econ203 Intermediate Microeconomics
Quiz 1
Submit them in groups.
1. Draw indifference curves that represent the following individuals preferences for
hamburgers and soft drinks. Indicate the direction in which the individual

Exam
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers
the question.
1)
When a person consumes two goods (A and B), that person's utility is maximized when the budget is
allocated such that:
1)
_
A)
the margina

Exam
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers
the question.
1)
In 1985, Alice paid $20,000 for an option to purchase ten acres of land. By paying the $20,000, she
bought the right to buy the land for $

Exam
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers
the question.
1)
In a recent article, two economists estimated that the 37.5% increase in price that would result from a 75
cent tax increase on cigarettes

Exam
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers
the question.
1)
The marginal rate of technical substitution is equal to:
1)
_
A)
the absolute value of the slope of an isoquant.
B)
the ratio of the margi

Exam
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) When a person consumes two goods (A and B), that person's utility is maximized when the
1) _
budget is allocated such that:
A) the margina