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The possible combinations of goods that can be purchased with a specific income are called the
A) budget constraint.
B) indifference map.
C) marginal rate of substitution.
D) income-consumption curve.4
18) Suppose that the quantity of good y is measured along the vertical axis and that the
quantity of good x is measured along the horizontal axis. If the price of good x is $5 and
the price of good y is $10 when income is $200 per time period, the slope of the consumer's
budget constraint will be
A) -0.5.
B) -2.
C) -5.
D) -10.
19) Using the above figure, we can conclude that
A) the consumer will purchase goods at combination M.
B) the consumer is indifferent between J and M.
C) K is the optimal combination of goods.
D) L is preferred to K.
20) In the above figure, if the budget line is the line DF, the consumer will maximize utility at point
A) A.
B) B.
C) C.
D) G.5
21) Suppose that one worker can produce 15 cookies, two workers can produce 35 cookies
together, and three workers can produce 65 cookies together. What is the marginal
product of the 2nd worker?
A) 15 cookies
B) 20 cookies
C) 30 cookies
D) 35 cookies
22) Changes in production functions are associated with changes in
A) the level of output.
B) demand.
C) the levels of costs.
D) technology.
23) When El Torito Restaurant is deciding how many waiters to hire for a holiday
weekend, it is making a ________ decision.
A) plant-size
B) long-run
C) short-run
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