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Chapter 21

The Theory of Consumer Choice

TRUE/FALSE1.

The theory of consumer choice illustrates that people face tradeoffs, which is one of the Ten Principles of Economics.ANS: T DIF: 1 REF: 21-0 NAT: Analytic LOC: Utility and consumer choice TOP: Consumer choice MSC: Definitional

A consumer’s budget constraint for goods X and Y is determined by how much the consumer likes good X relative to good Y.ANS: F DIF: 2 REF: 21-1 NAT: Analytic LOC: Utility and consumer choice TOP: Budget constraint MSC: Definitional

3. The slope of the budget constraint reveals the relative price of good X compared to good Y.ANS: T DIF: 2 REF: 21-1 NAT: Analytic LOC: Utility and consumer choice TOP: Budget constraint MSC: Applicative

A budget constraint illustrates bundles that a consumer prefers equally, while an indifference curve illustrates bundles that are equally affordable to a consumer.ANS: F DIF: 2 REF: 21-1 | 21-2 NAT: Analytic LOC: Utility and consumer choice TOP: Budget constraint MSC: Applicative

5. For a typical consumer, most indifference curves are bowed inward.ANS: T DIF: 1 REF: 21-2 NAT: Analytic LOC: Utility and consumer choice TOP: Indifference curves MSC: Interpretive

6. For a typical consumer, most indifference curves are downward sloping.ANS: T DIF: 1 REF: 21-2 NAT: Analytic LOC: Utility and consumer choice TOP: Indifference curves MSC: Interpretive

7. For a typical consumer, indifference curves can intersect if they satisfy the property of transitivity.ANS: F DIF: 2 REF: 21-2 NAT: Analytic LOC: Utility and consumer choice TOP: Indifference curves MSC: Interpretive

8. When two goods are perfect complements, the indifference curves are right angles.ANS: T DIF: 1 REF: 21-2 NAT: Analytic LOC: Utility and consumer choice TOP: Perfect complements MSC: Interpretive

9. The indifference curves for left shoes and right shoes are right angles.ANS: T DIF: 1 REF: 21-2 NAT: Analytic LOC: Utility and consumer choice TOP: Perfect complements MSC: Applicative

10. The indifference curves for perfect substitutes are straight lines.ANS: T DIF: 1 REF: 21-2 NAT: Analytic LOC: Utility and consumer choice TOP: Perfect substitutes MSC: Applicative

1406

Chapter 21/The Theory of Consumer Choice ? 1407

11. The indifference curves for nickels and dimes are straight lines.ANS: T DIF: 1 REF: 21-2 NAT: Analytic LOC: Utility and consumer choice TOP: Perfect substitutes MSC: Applicative

12. When two goods are perfect substitutes, the indifference curves are right angles.ANS: F DIF: 1 REF: 21-2 NAT: Analytic LOC: Utility and consumer choice TOP: Perfect complements | Perfect substitutes MSC: Interpretive

13. If goods A and B are perfect substitutes, then the marginal rate of substitution of good A for good B is

constant.ANS: T DIF: 2 REF: 21-2 NAT: Analytic LOC: Utility and consumer choice TOP: Marginal rate of substitution | Perfect substitutes MSC: Interpretive

14. The slope at any point on an indifference curve equals the absolute price at which a consumer is willing to

substitute one good for the other.ANS: F DIF: 2 REF: 21-2 NAT: Analytic LOC: Utility and consumer choice TOP: Marginal rate of substitution MSC: Interpretive

15. The marginal rate of substitution between goods A and B measures the price of A relative to the price of B.ANS: F DIF: 2 REF: 21-2 NAT: Analytic LOC: Utility and consumer choice TOP: Marginal rate of substitution MSC: Definitional

16. The marginal rate of substitution is the slope of the budget constraint.ANS: F DIF: 1 REF: 21-2 NAT: Analytic LOC: Utility and consumer choice TOP: Marginal rate of substitution MSC: Definitional

17. The marginal rate of substitution is the slope of the indifference curve.ANS: T DIF: 1 REF: 21-2 NAT: Analytic LOC: Utility and consumer choice TOP: Marginal rate of substitution MSC: Definitional

18. At a consumer’s optimal choice, the consumer chooses the combination of goods that equates the marginal

rate of substitution and the price ratio.ANS: T DIF: 2 REF: 21-3 NAT: Analytic LOC: Utility and consumer choice TOP: Optimization MSC: Interpretive

19. At a consumer’s optimal choice, the consumer chooses the combination of goods such that the ratio of the

marginal utilities equals the ratio of the prices.ANS: T DIF: 2 REF: 21-3 NAT: Analytic LOC: Utility and consumer choice TOP: Optimization MSC: Interpretive

20. If consumers purchase more of a good when their income rises, the good is a normal good.ANS: T DIF: 1 REF: 21-3 NAT: Analytic LOC: Utility and consumer choice TOP: Normal goods | Inferior goods MSC: Definitional

21. If a consumer purchases more of good B when his income rises, good B is an inferior good.ANS: F DIF: 1 REF: 21-3 NAT: Analytic LOC: Utility and consumer choice TOP: Normal goods | Inferior goods MSC: Definitional

22. If a consumer purchases more of good A when her income falls, good A is an inferior good.ANS: T DIF: 2 REF: 21-3 NAT: Analytic LOC: Utility and consumer choice TOP: Inferior goods MSC: Definitional

23. The income effect of a price change is unaffected by whether the good is a normal or inferior good.ANS: F DIF: 2 REF: 21-3 NAT: Analytic LOC: Utility and consumer choice TOP: Income effect MSC: Interpretive

24. The income effect of a price change is the change in consumption that results from the movement to a new

indifference curve.ANS: T DIF: 2 REF: 21-3 NAT: Analytic LOC: Utility and consumer choice TOP: Income effect MSC: Interpretive

25. The direction of the substitution effect is not influenced by whether the good is normal or inferior.ANS: T DIF: 3 REF: 21-3 NAT: Analytic LOC: Utility and consumer choice KEY: Substitution effect MSC: Analytical

26. The substitution effect of a price change is the change in consumption that results from the movement to a new

indifference curve.ANS: F DIF: 2 REF: 21-3 NAT: Analytic LOC: Utility and consumer choice TOP: Substitution effect MSC: Interpretive

27. All points on a demand curve are optimal consumption points.ANS: T DIF: 3 REF: 21-3 LOC: Utility and consumer choice TOP: Demand

NAT: Analytic

MSC: Analytical

28. Economists use the term Giffen good to describe a good that violates the law of demand.ANS: T DIF: 2 REF: 21-4 NAT: Analytic LOC: Utility and consumer choice TOP: Giffen good MSC: Interpretive

29. Giffen goods are inferior goods for which the income effect dominates the substitution effect.ANS: T DIF: 2 REF: 21-4 NAT: Analytic LOC: Utility and consumer choice TOP: Giffen good MSC: Definitional

30. Economists have found evidence of a Giffen good when studying the consumption of rice in the Chinese

province of Hunan.ANS: T DIF: 2 REF: 21-4 NAT: Analytic LOC: Utility and consumer choice TOP: Giffen good MSC: Applicative

31. Katie wins $1 million in her state’s lottery. If Katie drastically reduces the number of hours she works after

she wins the money, we can infer that the income effect is larger than the substitution effect for her.ANS: T DIF: 2 REF: 21-4 NAT: Analytic LOC: Utility and consumer choice TOP: Labor supply MSC: Interpretive

32. Susie wins $1 million in her state’s lottery. If Susie keeps working after she wins the money, we can infer

that the income effect is larger than the substitution effect for her.ANS: F DIF: 2 REF: 21-4 NAT: Analytic LOC: Utility and consumer choice TOP: Labor supply MSC: Interpretive

33. A rational person can have a negatively-sloped labor supply curve.ANS: T DIF: 2 REF: 21-4 NAT: Analytic LOC: Utility and consumer choice TOP: Labor supply MSC: Applicative

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