Question : 91) Refer to Table 6-3.  If the price of a : 1384190

91) Refer to Table 6-3.  If the price of a 9-hole round of golf is $19, then Andrew will play ________ rounds per month.

A) 2

B) 3

C) 4

D) 5

E) 6 or more

92) Refer to Table 6-3.  If the price of a 9-hole round of golf is $9, then Andrew will play ________ times per month.

A) 2

B) 3

C) 4

D) 5

E) 6

93) Refer to Table 6-3.  If the price of a 9-hole round of golf is $16, and Andrew is maximizing his utility, then his consumer surplus will be

A) $310.

B) $108.

C) $92.

D) $44.

E) $16.

94) Refer to Table 6-3.  If the price of a 9-hole round of golf is $22, and Andrew is maximizing his utility, then his consumer surplus will be

A) $202.

B) $108.

C) $92.

D) $26.

E) $22.

95) Since there is a limited supply of diamonds in the world, the consumption of diamonds

A) takes place at relatively low marginal value.

B) takes priority over some other good.

C) is no less important than consumption of water.

D) takes place at relatively high marginal value.

E) should be regulated by the government.

96) Since there is a relatively plentiful supply of water in Canada (this is not true in many parts of the world), the consumption of water in Canada

A) takes place at a relatively low marginal value.

B) takes priority over all other goods.

C) takes place at a relatively high marginal value.

D) should be regulated by the government.

E) should be unlimited at a price of $0.

97) The paradox in “the paradox of value” refers to the

A) confusion between supply curves and demand curves.

B) fact that goods with high total values command high prices.

C) fact that goods with low total values command low prices.

D) situation where a good that is necessary to sustain life is “more valuable” than a decorative, luxury item.

E) situation where a good with a low total value can command a high price, while a good with a high total value can command a low price.

98) For your typical consumption levels of water and diamonds, the good with the higher marginal utility is ________; the good with the higher total utility is ________; and the good with the greatest consumer surplus is ________.

A) water; diamonds; water

B) water; water; water

C) water; water; diamonds

D) diamonds; water; water

E) diamonds; water; diamonds

99) An indifference curve plotted for two different goods on the axes

A) shifts when real income changes.

B) shows all combinations of the two goods that give the same level of utility.

C) changes its slope as the relative prices of the two goods change.

D) shows the combinations of the two goods that will just use up a consumer’s income.

E) shows the different combinations of two goods that the same income can purchase.

100) As a consumer moves along an indifference curve

A) the combination of goods will vary but the level of utility remains constant.

B) the combination of goods he prefers will remain constant, but the level of satisfaction will vary.

C) the combination of goods and the consumer’s income level will remain constant.

D) his level of utility will vary as the combinations of goods varies.

E) the combination of goods will vary, but the level of money income remains constant.