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A year ago
The price of a pound of sirloin steak is five times the price of a pound of ground beef. You are not in consumer equilibrium unless:
 a. you consume five times as much ground beef as you do sirloin steak.
 b. you consume five times as much sirloin steak as you do ground beef.
 c. the total utility you derive from consuming sirloin steak is five times the total utility you derive from consuming ground beef.
  d. your marginal utility from the last pound of sirloin steak consumed is five times that of the last pound of ground beef consumed.

QUESTION 2

During the recession witnessed in early 2001, many firms laid off their employees and downsized. The reason for this decrease in the demand for employees was:
 a. a reduction in the demand for final goods.
  b. a reduction in the prices of final goods.
  c. an increase in the demand for final goods.
  d. an increase in the prices of final goods.
  e. the incompetency and poor performance of the employees.

QUESTION 3

Which of the following is a possible difference between health care and other products?
 a. The demand curve for health care may be steeper than the demand curve for other products.
 b. The demand curve for health care is a horizontal line, whereas the demand curve for other products is downward sloping.
  c. The supply curve for health care is fixed, whereas the supply curve of other products change with a change in its determinants.
  d. The demand for health care is positively related to price, whereas the demand for other products is inversely related to price.
  e. The supply of health care is inversely related to price whereas the supply of other products are positively related to price.

QUESTION 4

When a consumer maximizes utility subject to a limited income, she allocates income across goods to the point that:
 a. the marginal price is the same for all goods.
 b. marginal utility is zero.
 c. marginal utility is negative.
 d. the marginal utility per dollar spent is the same for all goods.

QUESTION 5

Intel microchips are an input in the production of a computer. When the demand for the computer declines:
 a. the quantity demanded of Intel microchips increases.
  b. the quantity demanded of Intel microchips declines.
  c. the demand for Intel microchips increases.
  d. the demand for Intel microchips decreases.
  e. there is no change in the demand for the Intel microchips.

QUESTION 6

Which of the following statements about health care is true?
 a. The demand for health care is inversely related to price.
 b. The demand for health care is positively related to price.
 c. Healthcare is an inferior good.
 d. Health care and health insurance is only provided by the government in the U.S.
  e. The supply of health care is inversely related to price.
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Answer verified by a subject expert
wrote...
Posts: 391
Rep: 2 0
A year ago
[Answer to ques. #1]  d

[Answer to ques. #2]  a

[Answer to ques. #3]  a

[Answer to ques. #4]  d

[Answer to ques. #5]  d

[Answer to ques. #6]  a
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wrote...
A year ago
Much better than Chegg
wrote...
A year ago
...and free, happy to help
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