How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Falak Naz Your Own Question

Falak Naz
Falak Naz, Accountant
Category: Homework
Satisfied Customers: 532
Experience:  I am a qualified Chartered Accountant. For the last five years i am working as manager
16788307
Type Your Homework Question Here...
Falak Naz is online now
A new question is answered every 9 seconds

1. All combinations of goods and services that provide the

Resolved Question:

1. All combinations of goods and services that provide the same utility are identified by the: A) law of constant marginal utility.
B) law of increasing marginal utility.
C) law of diminishing marginal utility.
D) indifference curve.
E) elasticity of demand.
2. The budget set defines the combinations of good X and Y that A) maximizes supplier's profit.
B) maximizes consumer's utility.
C) are affordable if all income is spent.
D) are desirable to the consumer.
E) are affordable to the consumer.
3. An increase in money income shifts the consumer's: A) budget line to the right.
B) budget line to the left.
C) indifference curves to the left.
D) indifference curves to the right.
E) marginal utilities per dollar spent
4. A fall in the price of a good increases the real income or purchasing power of consumers so that they are able to buy more of the product. This statement best describes: A) the income effect.
B) the substitution effect.
C) a complementary good.
D) a luxury good.
E) an inferior good.
5. If the price of a product falls, that product becomes cheaper and people will want to purchase more of it in place of other goods. This statement best describes: A) the income effect.
B) the substitution effect.
C) a complementary good.
D) a luxury good.
E) an inferior good.
6. Suppose you spend your budget only on milk and bread. If both are normal goods and the price of milk increases, the quantity of bread you choose to buy will change. How? A) It will either increase or decrease, or something
B) The substitution effect suggests more will be purchased, but the income effect suggests less will be purchased
C) The income effect suggests more will be purchased, but the substitution effect suggests less will be purchased
D) Both the income and substitution effects suggest that more will be purchased
E) Both the income and substitution effects suggest that less will be purchased
7. Given limited budgets, consumers obtain the most satisfaction if they purchase goods and services that: A) provide the highest level of marginal utility.
B) are hi tech or are of the best quality.
C) provide the highest level of marginal utility per dollar spent (best bang for your dollar).
D) cost the least.
E) cost the most, so they can show off.
8. If the quantity of X is measured on the horizontal axis and the quantity of Y is measured on the vertical axis, the slope of the budget constraint will decrease if the: A) price of Y increases.
B) price of Y decreases.
C) marginal utility of X decreases.
D) income decreases.
E) income increases.
9. What is the maximum amount of good Y that can be purchased if X and Y are the only two goods available for purchase and Px = $10, Py = $20, X = 20, and M = 400? A) 20.
B) 15.
C) 10.
D) 5.
E) 0.
10. Suppose a consumer with an income of $100 who is faced with Px = 1 and Py = 1/2. What is the market rate of substitution between good X (horizontal axis) and good Y (vertical axis)? A) 0.50.
B) -1.0.
C) -2.0.
D) -4.0.
E) -0.50
11. The difference between a price decrease and an increase in income is that A) A price decrease leaves real income unchanged while an increase in income increases real income.
B) A price decrease decreases real income while an increase in income increases real income.
C) A price decrease does not affect the consumption of other goods while an increase in income does.
D) An increase in income does not affect the slope of the budget line while a decrease in price does change the slope.
E) There is no difference.
12. Joe Schmoe prefers a three pack of soda to a six-pack. What properties does this preference violate? A) More is better.
B) Diminishing MRS.
C) Transitivity.
D) Completeness.
E) Diminishing marginal utility.
13. A situation where a consumer says he does not know his preference ordering for bundles X and Y would violate the property of: A) more is better.
B) completeness.
C) substitutability.
D) complementarity.
E) jointness.
14. Sam Voter prefers Ronald to Joe, Joe to Gary, and Gary to Ronald. Sam's preferences A) are not complete.
B) are not transitive.
C) indicate that he is a liberal.
D) are consistent with our assumptions about consumer behavior.
E) are irrational.
15. By the property of "more is better" and transitivity, indifference curves A) may overlap one another.
B) do not intersect one another.
C) can intersect one another only twice.
D) can intersect one another only once.
E) are straight lines.
16. Given that income is $200 and the price of good Y is $40. What is the vertical intercept of the budget line? A) 5.
B) 1/5.
C) 20.
D) 400.
E) 8,000.
17. The equilibrium consumption bundle is A) the cheapest bundle of goods money can buy.
B) the bundle where the budget line and the indifference curve meet.
C) the affordable bundle that yields the greatest satisfaction to the consumer.
D) any affordable bundle in the budget set.
E) any bundle that is the farthest from the origin.
18. At the point of consumer equilibrium the slope of the budget line is equal to the: A) indifference curve.
B) consumer preference.
C) market rate of substitution.
D) marginal rate of substitution.
E) the slope of the demand curve.
19. If you wish to open a store and you do not like risk, it would be wise to sell: A) only normal goods.
B) all inferior goods.
C) a mix of normal and inferior goods.
D) luxury goods.
E) high tech goods.
20. The total earnings of a worker are represented by E = 100 + $10(24 - L), where E is earnings and L is the number of hours of leisure. How much will the worker earn if he takes 14 hours of leisure per day? A) $200.
B) $100.
C) $240.
D) $150.
E) $140.
21. Suppose earnings are given by E = $60 + $7(24 - L), where E is earnings and L is the hours of leisure. How much is this person working if their daily earnings are $116? A) 6 hours.
B) 8 hours.
C) 12 hours.
D) 16 hours.
E) 18 hours.

Submitted: 4 years ago.
Category: Homework
Expert:  Falak Naz replied 4 years ago.
THIS ANSWER IS LOCKED!

You need to spend $3 to view this post. Add Funds to your account and buy credits.
Falak Naz, Accountant
Category: Homework
Satisfied Customers: 532
Experience: I am a qualified Chartered Accountant. For the last five years i am working as manager
Falak Naz and 10 other Homework Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
< Last | Next >
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin Kernersville, NC
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther Woodstock, NY
  • Thank you so much for taking your time and knowledge to support my concerns. Not only did you answer my questions, you even took it a step further with replying with more pertinent information I needed to know. Robin Elkton, Maryland
  • He answered my question promptly and gave me accurate, detailed information. If all of your experts are half as good, you have a great thing going here. Diane Dallas, TX
 
 
 

Meet The Experts:

 
 
 
  • Manal Elkhoshkhany

    Tutor

    Satisfied Customers:

    4520
    More than 5000 online tutoring sessions.
< Last | Next >
  • http://ww2.justanswer.com/uploads/BU/BusinessTutor/2012-2-2_115741_Kouki2.64x64.jpg Manal Elkhoshkhany's Avatar

    Manal Elkhoshkhany

    Tutor

    Satisfied Customers:

    4520
    More than 5000 online tutoring sessions.
  • http://ww2.justanswer.com/uploads/LI/lindaus/2012-6-10_04811_IMG20120609164157.64x64.jpg Linda_us's Avatar

    Linda_us

    Finance, Accounts & Homework Tutor

    Satisfied Customers:

    3121
    Post Graduate Diploma in Management (MBA)
  • http://ww2.justanswer.com/uploads/ComputersGuru/2010-02-13_051118_Photo41.JPG LogicPro's Avatar

    LogicPro

    Engineer

    Satisfied Customers:

    3035
    Expert in Java C++ C C# VB Javascript Design SQL HTML
  • http://ww2.justanswer.com/uploads/lanis/2009-4-1_233717_phput9xef_c1pm.jpg Lani S.'s Avatar

    Lani S.

    Tutor

    Satisfied Customers:

    2457
    Registered Nurse, Internet Researcher, Private Tutor
  • http://ww2.justanswer.com/uploads/chooser77/2009-08-18_162025_Chris.jpg Chris M.'s Avatar

    Chris M.

    M.S.W. Social Work

    Satisfied Customers:

    2341
    Master's Degree, strong math and writing skills, experience in one-on-one tutoring (college English)
  • http://ww2.justanswer.com/uploads/JawaadAhmed/2009-6-27_12137_SIs_SHadi.jpg F. Naz's Avatar

    F. Naz

    Chartered Accountant

    Satisfied Customers:

    1975
    Experience with chartered accountancy
  • http://ww2.justanswer.com/uploads/JK/jkcpa/2011-1-16_182614_jkcpa.64x64.jpg Bizhelp's Avatar

    Bizhelp

    CPA

    Satisfied Customers:

    1873
    Bachelors Degree and CPA with Accounting work experience