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WorksheetsIndividual demand
Total questions: 12
Worksheet time: 6mins
Refer to Figure above. From the information in the figure we can obtain:
A) a point on a demand curve.
B) a series of points on a demand curve.
C) a price-consumption curve.
D) an income-consumption curve.
The connection of points B and D forms:
A) a demand curve.
B) an income-consumption curve.
C) a price-consumption curve.
D) a shift from one demand curve.to another.
From the information on the figure, we can obtain:
A) an upward-sloping demand curve.
B) two points on a downward-sloping individual demand curve.
C) a downward-sloping market demand curve.
D) a demand curve for food and clothing.
An individual demand curve can be derived from the ________ curve.
price-consumption
price-income
income-substitution
income-consumption
Engel
Which of the following is true regarding income along a price-consumption curve?
Income is increasing.
Income is decreasing
Income is constant.
The level of income depends on the level of utility.
The income-consumption curve
illustrates the combinations of incomes needed with various levels of consumption of a good.
is another name for income-demand curve.
illustrates the utility-maximizing combinations of goods associated with every income level.
shows the utility-maximizing quantity of some good (on the horizontal axis) as a function of income (on the vertical axis).
The connection of points A and B on the graph yields:
a price-consumption curve.
an income-consumption curve.
an individual demand curve.
an Engel curve.
From the information on the figure we can derive:
a price-consumption curve.
two points on an individual demand curve.
a shifting demand curve.
an upward-sloping demand curve.
The curves that connect points A and B on both graphs are:
price-consumption curves.
income-consumption curves.
Engel curves.
individual demand curves.
Refer to Figure above. Which of the following goods is an inferior good?
Steak
Clothing
Hamburger
Food
An Engel curve shows combinations of:
income and prices.
income and the quantity consumed of one good.
two goods, for different levels of income.
two goods, for different levels of prices.
An Engel curve is backward-bending when:
the good is inferior for all levels of income.
the good is inferior at low levels of income.
the good is normal above a certain level of income.
the good is inferior after a certain level of income.
