Econ 1B Ch 5

Front 1

Which of the following is an opportunity cost that tends to limit the number of children parents might want?

Back 1

The time adults spend caring for their children

Front 2

Which of the following is the best measure of marginal utility for a person who eats three donuts?

Back 2

the additional benefit from the third doughnut

Front 3

the satisfaction that people obtain from the consumption of goods and services is known as:

Back 3

utility

Front 4

A Giffen good would have to:

Back 4

be an inferior good

Front 5

the income effect arises from:

Back 5

the decreases in real income cause by an increase in real income

Front 6

if lettuce and cabbage are substitutes, when the prices of lettuce rises, consumers will respond by consuming:

Back 6

less lettuce and more cabbage

Front 7

Joan is Christmas shopping. She has $25 to spend buying gifts for her family. Which of the following is properly described as the constraints of her rational choice problem?

Back 7

her limited budget, together with the price of the goods

Front 8

for a normal good, which of the following contributes to the increase in quantity demanded when the price of the good fails?

Back 8

the income effect and the substitution effect

Front 9

Which of the following can best be considered a durable good?

Back 9

refrigerator

Front 10

the change in consumption of a good that occurs when its price changes is the result of

Back 10

both the substitution and income effects in combination