# Eco Test 3

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Views: 393

Words: 1698

Pages: 7

Category: Business and Industry

Date Submitted: 11/19/2012 12:41 PM

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Status | Completed |

Score | 75 out of 100 points   |

Time Elapsed | 53 minutes out of 1 hour and 30 minutes. |

* Question 1

3 out of 3 points

| |

| Quantity of pizza | Total utility from pizza | Quantity of Diet Pepsi  | Total utility from Diet Pepsi |

0 | 0 | 0 | 0 |

1 | 24 | 1 | 14 |

2 | 44 | 2 | 26 |

3 | 60 | 3 | 36 |

4 | 72 | 4 | 44 |

5 | 76 | 5 | 50 |

6 | 79 | 6 | 54 |

7 | 80 | 7 | 56 |

Suppose that you consume only pizza and Diet Pepsi. The table above gives your utility from consuming these two goods. What is the marginal utility you get from the fourth slice of pizza?Answer | | | |

| Selected Answer: |    12 |

Correct Answer: |    12 |

| | | |

* Question 2

3 out of 3 points

| |

| If the total utility of 2 bags of chips is 25, the total utility of 3 bags is 33, and the total utility of 4 bags is 40 units, then the marginal utility of the 3rd and 4th bags areAnswer | | | |

| Selected Answer: |    8 and 7, respectively. |

Correct Answer: |    8 and 7, respectively. |

| | | |

* Question 3

3 out of 3 points

| |

| Brenda's marginal utility per dollar from the second hamburger is 20. Her marginal utility from the third hamburger would beAnswer | | | |

| Selected Answer: |    less than 20. |

Correct Answer: |    less than 20. |

| | | |

* Question 4

3 out of 3 points

| |

| A rent ceiling below the equilibrium rentAnswer | | | |

| Selected Answer: |    can create a black market. |

Correct Answer: |    can create a black market. |

| | | |

* Question 5

3 out of 3 points

| |

| If a price ceiling is set above the equilibrium price, thenAnswer | | | |

| Selected Answer: |    there will be neither a shortage nor a surplus of the good. |

Correct Answer: |    there will be neither a shortage nor a surplus of the good. |

| | | |

* Question 6

0 out of 3 points

| |

| Which of the following statements...