02 May Question: 1. Which of the following describes one of the five basic assumptions of preference theory? a. Av…
1. Which of the following describes one of the five basic assumptions of preference theory? a. Averages are preferred to extremes c. all things being equal b. Consumption is Pareto efficient d. None of the above 2. The marginal rate of substitution is a. Zero for perfect substitutes c. The slope of the budget line b. The slope of an indifference curve d. Does not apply to preferences 3. Which one of the following assumptions about preferences is violated if indifference curves look like those in Figure D ? a. Completeness d. Monotonicity b. Reflexivity e. Strict Convexity c. Transitivity f. No assumptions were violated 4. Which one of the following assumptions about preferences is violated if indifference curves look like those in Figure B ? a. Completeness d. Monotonicity b. Reflexivity e. Strict Convexity c. Transitivity f. No assumptions were violated 5. Refer to Figure A. To answer the following Question: In a consumption space for Good 1 and Good 2, Which of the statements describe the preferences illustrated in the figure? a. Preferences for Good 1 and Good 2 satisfy the five basic assumptions (are well behaved) b. Good 1 and Good 2 are perfect substitutes c. Good 1 and Good 2 are perfect complements d. None of the above 6. Refer to Figure C. To answer the following Question: In a consumption space for Good 1 and Good 2, Which of the statements describe the preferences illustrated in the figure? a. Preferences for Good 1 and Good 2 satisfy the five basic assumptions (are well behaved) b. Good 1 and Good 2 are perfect substitutes c. Good 1 and Good 2 are perfect complements d. None of the above 7. Refer to Figure B. To answer the Question, comparing bundles A, B, and C, which of the following is correct. a. A is preferred to B and B is preferred to C b. C is preferred to A and A is indifferent to B c. A is indifferent to B and B is preferred to C d. None of the above 8. Refer to Figure A. To answer the Question, comparing bundles A, B, and C, which of the following is correct. a. A is preferred to B and B is preferred to C b. C is preferred to A and A is preferred to B c. A is indifferent to B and B is preferred to C d. None of the above 9. Refer to Figure C. To answer the Question, comparing bundles A, B, and C, which of the following is correct. a. A is preferred to B and B is preferred to C b. C is preferred to A and A is preferred to B c. A is indifferent to B and B is preferred to C d. None of the above 10. Refer to Figure D. To answer the Question, comparing bundles A, B, and C, which of the following is correct. a. A is preferred to B and B is preferred to C b. C is preferred to B and B is preferred to A c. A is indifferent to B and B is preferred to C d. None of the above
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