Test Bank For Microeconomics, 22nd Edition by McConnell All Chapters, Complete Guide A+.

Test Bank For Microeconomics, 22nd Edition by McConnell All Chapters, Complete Guide A+. Microeconomics 22nd Edition by McConnell CH01 Version 1 1 ANSWERS ARE LOCATED IN THE SECOND PART OF THIS DOCUMENT MULTIPLE CHOICE - Choose the one alternative that best completes the statement or answers the question. 1) Refer to the budget line shown in the diagram. If the consumer's money income is $200, the 1) ______ A) prices of C and D cannot be determined. B) price of C is $5 and the price of D is $10. C) consumer can obtain a combination of 5 units of both C and D. D) price of C is $40 and the price of D is $20. Question Details AACSB : Reflective Thinking Accessibility : Keyboard Navigation Test Bank : I Bloom's : Understand Difficulty : 02 Medium Learning Objective : 01-04 Explain the individuals economizing problem and illustrate trade-offs, opp Topic : Individuals Economizing Problem Accessibility : Screen Reader Compatible Microeconomics 22nd Edition by McConnell CH01 Version 1 2 2) Suppose you have a money income of $50, all of which you spend on Coke and popcorn. In the diagram, the prices of Coke and popcorn, respectively, are 2) ______ A) $2.50 and $5.00. B) $5.00 and $2.50. C) $5.00 and $10.00. D) $0.40 and $0.20. Question Details AACSB : Reflective Thinking Accessibility : Keyboard Navigation Test Bank : I Bloom's : Understand Difficulty : 02 Medium Learning Objective : 01-04 Explain the individuals economizing problem and illustrate trade-offs, opp Topic : Individuals Economizing Problem Accessibility : Screen Reader Compatible 3) Assume the price of product Y (the quantity of which is on the vertical axis) is $15 and the price of product X (the quantity of which is on the horizontal axis) is $3. Also assume that money income is $60. The absolute value of the slope of the resulting budget line is 3) ______ Microeconomics 22nd Edition by McConnell CH01 Version 1 3 A) 5. B) 1/5. C) 4. D) 20. Question Details AACSB : Reflective Thinking Accessibility : Keyboard Navigation Test Bank : I Difficulty : 02 Medium Learning Objective : 01-04 Explain the individuals economizing problem and illustrate trade-offs, opp Topic : Individuals Economizing Problem Accessibility : Screen Reader Compatible Bloom's : Analyze 4) Suppose that Julia receives a $40 gift card for the local coffee shop, where she only buys lattes and muffins. If the price of a latte is $4 and the price of a muffin is $2, then we can conclude that Julia 4) ______ A) should only buy muffins. B) should only buy lattes. C) can buy 10 lattes or 20 muffins if she chooses to buy only one of the two goods. D) can buy 10 lattes and 20 muffins with her $40 gift card. Question Details AACSB : Reflective Thinking Accessibility : Keyboard Navigation Test Bank : I Bloom's : Understand Difficulty : 02 Medium Learning Objective : 01-04 Explain the individuals economizing problem and illustrate trade-offs, opp Topic : Individuals Economizing Problem Accessibility : Screen Reader Compatible Microeconomics 22nd Edition by McConnell CH01 Version 1 4 5) Camille is at the candy store with Grandma Mary, who offers to buy her $12 worth of candy. If lollipops are $2 each and candy bars are $3 each, what combination of candy can Camille's Grandma Mary buy her? 5) ______ A) six lollipops and four candy bars B) three lollipops and two candy bars C) two lollipops and three candy bars D) four lollipop and two candy bars Question Details AACSB : Reflective Thinking Accessibility : Keyboard Navigation Test Bank : I Bloom's : Understand Difficulty : 02 Medium Learning Objective : 01-04 Explain the individuals economizing problem and illustrate trade-offs, opp Topic : Individuals Economizing Problem Accessibility : Screen Reader Compatible 6) Assume that a consumer has a given budget or income of $10 and that she can buy only two goods, apples or bananas. The price of an apple is $1.00 and the price of a banana is $0.50. If the consumer spent all of her budget on just apples or just bananas, how many apples or bananas maximum would she be able to buy? 6) ______ A) 12 apples or 4 bananas B) 8 apples or 15 bananas C) 5 apples or 10 bananas D) 10 apples or 20 bananas Microeconomics 22nd Edition by McConnell CH01 Version 1 5 Question Details AACSB : Reflective Thinking Accessibility : Keyboard Navigation Learning Objective : 01-04 Explain the individuals economizing problem and illustrate trade-offs, opp Topic : Individuals Economizing Problem Accessibility : Screen Reader Compatible Bloom's : Analyze Test Bank : II Difficulty : 03 Hard 7) Assume that a consumer has a given budget or income of $12 and that she can buy only two goods, apples or bananas. The price of an apple is $2.00 and the price of a banana is $1.00. What is the slope of the budget line if the quantity of apples were measured on the horizontal axis and bananas on the vertical axis? 7) ______ A) −0.5 B) −1.5 C) −6 D) −2 Question Details AACSB : Reflective Thinking Accessibility : Keyboard Navigation Learning Objective : 01-04 Explain the individuals economizing problem and illustrate trade-offs, opp Topic : Individuals Economizing Problem Accessibility : Screen Reader Compatible Bloom's : Analyze Test Bank : II Difficulty : 03 Hard 8) Assume that a consumer has a given budget or income of $24 and that she can buy only two goods, apples or bananas. The price of an apple is $3.00 and the price of a banana is $2.00. If the consumer decides to buy 8 apples, how many bananas can she also buy with the remainder of her budget, assuming she exhausts her income? 8) ______ Microeconomics 22nd Edition by McConnell CH01 Version 1 6 A) 0 bananas B) 12 bananas C) 4 bananas D) 8 bananas Question Details AACSB : Reflective Thinking Accessibility : Keyboard Navigation Difficulty : 02 Medium Learning Objective : 01-04 Explain the individuals economizing problem and illustrate trade-offs, opp Topic : Individuals Economizing Problem Accessibility : Screen Reader Compatible Test Bank : II Bloom's : Remember 9) Assume that a consumer has a given budget or income of $24 and that she can buy only two goods, apples or bananas. The price of an apple is $3.00 and the price of a banana is $2.00. For this consumer, the opportunity cost of buying one more apple is 9) ______ A) 0.67 of a banana. B) 0.5 of a banana. C) 1 banana. D) 1.5 bananas. Question Details AACSB : Reflective Thinking Accessibility : Keyboard Navigation Learning Objective : 01-04 Explain the individuals economizing problem and illustrate trade-offs, opp Topic : Individuals Economizing Problem Accessibility : Screen Reader Compatible Test Bank : II Bloom's : Remember Difficulty : 01 Easy Microeconomics 22nd Edition by McConnell CH01 Version 1 7 10) Assume that a consumer has a given budget or income of $10 and that she can buy only two goods, apples or bananas. The price of an apple is $2.00 and the price of a banana is $1.00. This means that, in order to buy two bananas, this consumer must forgo 10) ______ A) 1 apple. B) 0.1 apples. C) 4 apples. D) 2 apples. Question Details AACSB : Reflective Thinking Accessibility : Keyboard Navigation Learning Objective : 01-04 Explain the individuals economizing problem and illustrate trade-offs, opp Topic : Individuals Economizing Problem Accessibility : Screen Reader Compatible Test Bank : II Bloom's : Remember Difficulty : 01 Easy.