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APPENDIX CHECKPOINT A.prefers over all other combinations B.places equal value on C.can afford to buy D.says are equally acceptable to him E.believes have the same marginal rate of substitution Question 1 Adam’s indifference curve shows the combinations of goods which Adam _______.
APPENDIX CHECKPOINT A.costs more than any combination on a lower indifference curve B.is preferred to those on any lower indifference curve C.costs less than any combination on a lower indifference curve D.is less preferred to those on lower indifference curves E.might be more, less, or equally preferred to any combination on a lower indifference curve Question 2 Any combination on a higher indifference curve ____.
APPENDIX CHECKPOINT A.equal to the consumer surplus B.the same as the consumer’s relative price of the good C.equal to the magnitude of the slope of the indifference curve D.equal to the magnitude of the slope of the budget line E.equal to 1.0 if the indifference curve is linear Question 3 The marginal rate of substitution for the good is _______.
APPENDIX CHECKPOINT A.i only B.ii only C.iii only D.i and ii E.i, ii, and iii Question 4 At her best affordable point, Kris ________. i.is on her budget line ii.is on the highest attainable indifference curve iii.has a marginal rate of substitution equal to the relative price
APPENDIX CHECKPOINT A.remains the same B.increases C.decreases D.might increase or decrease E.equals the relative price of a DVD Question 5 When the consumer with the indifference map in the figure buys more DVDs, the marginal rate of substitution is of movies for DVDs ______.