Which of the following assumptions is(are) NOT made in consumer behavior theory?
A. Consumers have complete information.
B. Consumers can rank all bundles of goods.
C. Consumers can measure the utility they get from all bundles of goods.
D. both a and b
E. None of the above are assumptions made in consumer behavior theory.
Answer: C
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Illegal immigrants from Mexico who work continuously in the U.S. have the following characteristics, except:
A. They are mostly working in farms B. They make up a majority of the illegal immigrants in the U.S. C. On average, they have higher educational levels than the Mexicans who don't migrate D. They do not frequently move back and forth across the border
For a competitive firm, which of the following quantities is equal to marginal cost?
a. wage marginal product of labor b. wage value of marginal product of labor c. price marginal product of labor d. price value of marginal product of labor
Your utility function is given by U = M2. You are
A. a risk seeker. B. risk averse. C. risk neutral. D. it is impossible to say.
The cross price elasticity of demand is measured by the
A) percentage change in the quantity demanded of one good divided by the percentage change in quantity demanded of another good. B) percentage change in the price of one good divided by the percentage change in price of another good. C) percentage change in the demand for one good divided by the percentage change in price of another good. D) percentage change in the price of one good divided by the percentage change in the demand for another good.