Test Bank for Microeconomics 22nd Edition by McConnell , Guide A+

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Test Bank for Microeconomics 22nd Edition by McConnell
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.
PR
O
1)
Refer to the budget line shown in the diagram. If the consumer's money income is $200, the
1)
FD

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.
O
D) price of C is $40 and the price of D is $20.
C
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




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PR
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)
O

A) $2.50 and $5.00.
FD
B) $5.00 and $2.50.
C) $5.00 and $10.00.
D) $0.40 and $0.20.
O
Question Details
AACSB : Reflective Thinking
Accessibility : Keyboard Navigation
C
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)



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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
PR
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
O
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
FD
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.
O
D) can buy 10 lattes and 20 muffins with her $40 gift card.
C

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




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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
PR
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
O
Topic : Individuals Economizing Problem
Accessibility : Screen Reader Compatible
FD

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?
O

6)
C

A) 12 apples or 4 bananas
B) 8 apples or 15 bananas
C) 5 apples or 10 bananas
D) 10 apples or 20 bananas




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