12/6/2018 Quiz 003

Question 1 All combinations of two products that consumers can purchase given a certain income and product prices is the:
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a. Demand Curve

b. Total Utility Curve

c. Indifference curve

d. Budget Line

Question 2 Consumer behavior is directly affected by any of the following internal factors except:
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a. Beliefs

b. Season

c. Raw materials cost

d. Peers

Question 3 The extra satisfaction you get from successive consumption of the same product is:
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a. Marginal Utility

b. Indifference Curve

c. Total Satisfaction
d. Quantity Demanded

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12/6/2018 Quiz 003
Question 4 True or False. If the statement is true, write the word True. If False, write False and replace the underlined word with
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Q: Whales are reptiles. A: False - mammals
Indifference curves are downward sloping to the right and are concave in shape.

Answer: false - convex

Question 5 True or False. If the statement is true, write the word True. If False, write False and replace the underlined word with
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Q: Whales are reptiles. A: False - mammals
The curve that shows the different combinations of two goods or service that would give the same level of satisfaction is
demand curve.

Answer: false - indifference curve

Question 6 True or False. If the statement is true, write the word True. If False, write False and replace the underlined word with
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Q: Whales are reptiles. A: False - mammals
Indifference curves are positively sloped.

Answer: false - negatively

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12/6/2018 Quiz 003
Question 7 The marginal utility of the 6t unit of Product C is calculated at negative 8. This means that:
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a. Consuming the 9th unit of Product C will give additional satisfaction

b. None of the choices

c. The consumer is already satisfied with 7 units of Product C.

d. All of the choices

Question 8 True or False. If the statement is true, write the word True. If False, write False and replace the underlined word with
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Q: Whales are reptiles. A: False - mammals
The consumer equilibrium is that point of intersection between the price line and the indifference curves.

Answer: false - tangency

Question 9 The curve showing the highest level of satisfaction is situated:

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b. Farthest from the point of origin
c. Below another indifference curve

d. Nearest from the point of origin

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12/6/2018 Quiz 003
Question 10 Indifference curve (IC) M lies between IC A and IC I. Your graph indicates that:
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a. None of the choices

b. IC M has the highest value of satisfaction

c. Satisfaction levels of the 3 ICs vary

d. IC M has the lowest value of satisfaction

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