Which of the statements below is/are normative?Joe’s income is $500, the price of food (F) is $2 per unit, and the price

Microeconomics studies the allocation of

A:models.
B:scarce resources.
C:decision makers.
D:unlimited resources.
答案: scarce resources.

Most microeconomic models assume that decision makers wish to

A:act selfishly.
B:make others as well off as possible.
C:make themselves as well off as possible.
D:None of the above.
答案: make themselves as well off as possible.

What links the decisions of consumers and firms in a market?

A:the government.
B:microeconomics.
C:coordination officials.
D:prices.
答案: prices.

Economic models are most often tested

A:using data from the real world.
B:using computer simulations.
C:using data from the distant past.
D:using logic alone.
答案: using data from the real world.

Which of the statements below is/are normative?

A:Economists need to include more reality in their models.
B:B and C
C:Microeconomists study economic growth.
D:Economists will use a model until it is refuted by someone.
答案: Economists need to include more reality in their models.

An indifference curve represents bundles of goods that a consumer

A:views as equally desirable.
B:refers to any other bundle of goods.
C:All of the above.
D:ranks from most preferred to least preferred.
答案: views as equally desirable.

Convexity of indifference curves implies that consumers are willing to

A:give up more “y” to get an extra “x” the less “x” they have.
B:settle for less of both “x” and “y”.
C:give up more “y” to get an extra “x” the more “x” they have.
D:acquire more “x” only if they do not have to give up any “y”.
答案: give up more “y” to get an extra “x” the less “x” they have.

If two bundles are on the same indifference curve, then

A:B and C.
B:no comparison can be made between the two bundles since utility cannot really be measured.
C:the consumer derives the same level of utility from each.
D:the consumer derives the same level of ordinal utility from each but not the same level of cardinal utility.
答案: the consumer derives the same level of utility from each.

If the utility for two goods “x” and “y” is measured as U = x + y, then it can be concluded that

A:the indifference curves on the x,y graph will be upward sloping.
B:”x” and “y” are both bads.
C:”x” and “y” are perfect complements.
D:”x” and “y” are perfect substitutes.
答案: “x” and “y” are perfect substitutes.

Joe’s income is $500, the price of food (F) is $2 per unit, and the price of shelter (S) is $100. Which of the following represents his budget constraint?

A:F = 250 – 50S
B:500 = 2F + 100S
C:S = 5 – .02F
D:All of the above.
答案: All of the above.