Tackle the Test: Multiple-Choice Questions

  1. Question

    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
    Generally, each successive unit of a good consumed will cause marginal utility to
  2. Question

    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
    Assume there are two goods, good X and good Y. Good X costs $5 and good Y costs $10. If your income is $200, which of the following combinations of good X and good Y is on your budget line?
  3. Question

    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
    The optimal consumption rule states that total utility is maximized when all income is spent and
  4. Question

    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
    A consumer is spending all of her income and receiving 100 utils from the last unit of good A and 80 utils from the last unit of good B. If the price of good A is $2 and the price of good B is $1, to maximize total utility the consumer should buy
  5. Question

    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
    The optimal consumption bundle is always represented by a point