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Chapter 21/The Theory of Consumer Choice ? PAGE 1483
PAGE 1406
Chapter 21
The Theory of Consumer Choice
TRUE/FALSE
1. The theory of consumer choice illustrates that people face tradeoffs, which is one of the Ten Principles of Economics.
ANS: T DIF: 1 REF: 21-0 NAT: Analytic
LOC: Utility and consumer choice TOP: Consumer choice
MSC: Definitional
2. A consumer’s budget constraint for goods X and Y is determined by how much the consumer likes good X relative to good Y.
ANS: F DIF: 2 REF: 21-1 NAT: Analytic
LOC: Utility and consumer choice TOP: Budget constraint
MSC: Definitional
3. The slope of the budget constraint reveals the relative price of good X compared to good Y.
ANS: T DIF: 2 REF: 21-1 NAT: Analytic
LOC: Utility and consumer choice TOP: Budget constraint
MSC: Applicative
4. A budget constraint illustrates bundles that a consumer prefers equally, while an indifference curve illustrates bundles that are equally affordable to a consumer.
ANS: F DIF: 2 REF: 21-1 | 21-2 NAT: Analytic
LOC: Utility and consumer choice TOP: Budget constraint
MSC: Applicative
5. For a typical consumer, most indifference curves are bowed inward.
ANS: T DIF: 1 REF: 21-2 NAT: Analytic
LOC: Utility and consumer choice TOP: Indifference curves
MSC: Interpretive
6. For a typical consumer, most indifference curves are downward sloping.
ANS: T DIF: 1 REF: 21-2 NAT: Analytic
LOC: Utility and consumer choice TOP: Indifference curves
MSC: Interpretive
7. For a typical consumer, indifference curves can intersect if they satisfy the property of transitivity.
ANS: F DIF: 2 REF: 21-2 NAT: Analytic
LOC: Utility and consumer choice TOP: Indifference curves
MSC: Interpretive
8. When two goods are perfect complements, the indifference curves are right angles.
ANS: T DIF: 1 REF: 21-2 NAT: Analytic
LOC: Utility and consumer choice TOP: Perfect complements
MSC: Interpretive
9. The indifference curves for left shoes and right shoes are right angles.
ANS: T DIF: 1 REF: 21-2 NAT: Analytic
LOC:
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