A) Graph A
B) Graph B
C) Graph C
D) Graph D
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Multiple Choice
A) a desire to consume a different bundle.
B) a decrease in utility.
C) a southern or western movement on the indifference map.
D) All of the above.
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Multiple Choice
A) the price of the good changes.
B) the price of substitute goods changes.
C) income changes.
D) All of the above.
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Essay
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View Answer
Multiple Choice
A) the old indifference curve.
B) the new indifference curve.
C) either the old or the new indifference curve.
D) the budget constraint.
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Multiple Choice
A) the consumer will buy more of both goods.
B) the consumer will buy more of both goods if they are both normal goods.
C) the consumer will buy less of both goods if they are both inferior goods.
D) the consumer's utility maximizing bundle stays the same.
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Essay
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View Answer
Multiple Choice
A) a Giffen good.
B) a normal good.
C) an inferior good.
D) a neutral good.
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True/False
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Multiple Choice
A) Graph A
B) Graph B
C) Graph C
D) Graph D
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Multiple Choice
A) backward-bending.
B) upward-sloping.
C) downward-sloping.
D) nearly vertical.
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Multiple Choice
A) Total market demand is 14 units of clean air.
B) Total market demand is 12 units of clean air.
C) Total market demand is 10 units of clean air.
D) Total market demand is 16 units of clean air.
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Multiple Choice
A) uses the arithmetic mean of the Paasche index and the Laspeyres index.
B) uses the standard deviation of the Paasche index and the Laspeyres index.
C) uses the geometric mean of the Paasche index and the Laspeyres index.
D) uses the harmonic mean of the Paasche index and the Laspeyres index.
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Multiple Choice
A) purchase more units.
B) purchase fewer units.
C) not change the amount purchased.
D) There is not enough information to answer this question.
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Multiple Choice
A) Lower-priced goods increase in price by a greater percentage than do higher-priced goods.
B) Higher-price goods increase in price by a greater percentage than do lower-priced goods.
C) All goods change in price by the same amount.
D) All goods change in price by the same percentage.
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True/False
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Multiple Choice
A) increase the number of doctors office visits if office visits are considered an inferior good and the substitution effect dominates the income effect.
B) decrease the number of doctors office visits if office visits are considered an inferior good and the substitution effect dominates the income effect.
C) increase the number of doctors office visits if office visits are a normal good.
D) Both A and C.
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Multiple Choice
A) tax rates were low already.
B) the relevant portion of the labor supply curve is upward sloping.
C) the relevant portion of the labor supply curve is downward sloping.
D) workers can be easily fooled.
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Multiple Choice
A) increase the tax revenue and increase the number of hours worked.
B) increase the tax revenue and decrease the number of hours worked.
C) decrease the tax revenue and increase the number of hours worked.
D) decrease the tax revenue and decrease the number of hours worked.
Correct Answer
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Multiple Choice
A) the substitution effect is greater than the income effect.
B) the income effect is greater than the substitution effect.
C) utility maximization is not occurring.
D) future consumption is a luxury.
Correct Answer
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