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Test Bank For Microeconomic Principles A Contemporary Introduction International Edition 8th Edition by William A. McEachern

  • ISBN-10 ‏ : ‎ 0324579756
  • ISBN-13 ‏ : ‎ 978-0324579758
  • Publisher ‏ : ‎ South-Western; 8th international ed edition
  • Author: William A. McEachern

Original price was: $55.00.Current price is: $28.00.

SKU:TB0001137

Test Bank For Microeconomic Principles A Contemporary Introduction International Edition 8th Edition by William A. McEachern

Chapter 6—Consumer Choice and Demand

MULTIPLE CHOICE

1.Utility is

a.

easily measured because all people derive the same utility from consumption

b.

easily measured because it is an objective concept

c.

easily measured because it is a subjective concept

d.

hard to measure because it is a subjective concept

e.

hard to measure because it is an objective concept

ANS: D PTS: 1 DIF: Easy NAT: Reflective Thinking

LOC:Utility and consumer choiceTOP:Utility Analysis

2.Which of the following is true of units of utility?

a.

Each unit is worth $1.

b.

They cannot be compared across consumers.

c.

They apply to goods but not to services.

d.

They do not exist for very wealthy individuals.

e.

They are negative for inferior goods.

ANS: B PTS: 1 DIF: Easy NAT: Analytic

LOC:Utility and consumer choiceTOP:Utility Analysis

3.Which of the following statements cannot be made regarding consumer preferences?

a.

Pat enjoys her second cotton candy less than her first.

b.

Bill enjoys his second cotton candy as much as the first.

c.

Arnie enjoys two cotton candies more than one cotton candy.

d.

Arnie enjoys two cotton candies more than Pat enjoys one cotton candy.

e.

Bill and Arnie enjoy their second cotton candy less than they do their first.

ANS: D PTS: 1 DIF: Hard NAT: Reflective Thinking

LOC:Utility and consumer choiceTOP:Utility Analysis

4.Which of the following statements concerning utility is correct?

a.

It is possible to precisely measure the utility an individual receives from consuming a particular good or service

b.

It is always possible to determine whether Dalene or Juloy gets more utility from consuming two units of the same good

c.

The utility of goods can be measured while the same is not true for services

d.

Utility is a subjective measure of satisfaction an individual receives from consuming a good or service

e.

It is only useful if there is no scarcity

ANS: D PTS: 1 DIF: Moderate NAT: Analytic

LOC: Utility and consumer choice TOP: Tastes and Preferences

5.Consumer preferences

a.

do not vary from one consumer to another

b.

have little to do with personal tastes and income

c.

are not influenced by the utility of goods

d.

are individual evaluations of goods and services

e.

can be objectively measured and compared across individuals

ANS: D PTS: 1 DIF: Moderate NAT: Analytic

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