Transcription of Chapter UTILITY AND DEMAND
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Chapter UTILITY AND DEMAND
C h a p t e r 7 UTILITY AND. DEMAND . Topic: Consumption Possibilities Household Consumption Choices Skill: Conceptual 4) Joe has $50 to spend on pizza and movies. If Topic: Consumption Possibilities Skill: Recognition movies are $5 each and a pizza is $10 then, as- 1) The level of UTILITY a consumer can achieve is lim- suming he spends all his money, he can buy ited by A) 6 movies and 2 pizzas. A) prices only. B) 8 movies and 4 pizzas. B) income only. C) 2 movies and 6 pizzas. C) the consumer's preferences. D) 6 movies and 4 pizzas. Answer: A. D) prices and income. Answer: D Topic: Consumption Possibilities Skill: Conceptual Topic: Consumption Possibilities Skill: Recognition 5) Lily is a college student who likes to buy only two 2) The budget line goods: Cheetos and Pepsi.
UTILITY AND DEMAND 243 Topic: Preferences, Total Utility Skill: Recognition 23) As an individual’s consumption of a good in-creases, A) his or her total utility increases.
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