One of the following is not truc about the characteristics of well-behavedindifference curves:A. They are convex to the originB. All points on an indifference curve vield the same level of satisfactionC. They are straight lineD. As we move closer to the origin, the level of satisfaction will diminishE. None5.When the short run average product of labor is declining but positive, themarginal product of labor is,C. ZeroD. Any of the above is possibleA. NegativeB. Declining6.When marginal utility is positive and declining,A. Total utility decreases at a diminishing rateB. Total utility increases at a diminishing rateC. Total utility increases at an increasing rateD. Total utility is negative7.If the price elasticity of demand is less than 1 and price increases by 8%,then, quantity demand will,C. Increase by more than 8%A. Decrease by less than 8%D. Remains the sameB. Decrease by more than 8%8.refers to attitude of an individual who prefers risk income than income withcertain outcome.A. Risk AverseB. Risk loverC. Risk neutralD. Diversification9.The law of scarcity refers to the following facts:A. Scarcity exist only during bad economic timesB. Scarcity exists only when there is povertyC. Even in the richest countries, hungry people can be foundD. No country can produce enough to satisfy fully every body's wants foreverything.10.From the following one is wrong.A. Consumer's taste can be a determined factors for shift of demandB. Consumer's income can be a determinant factor for the shift of demandWorksheet for Microeconomics I (Econ 241)

Since you have asked multiple question, we will solve the first question for you. If you want any…

4. One of the following is not true about the characteristics of well-behaved indifference curves: A. They are convex to the origin B. All points on an indifference curve vield the same level of satisfaction C. They are straight line D. As we move closer to the origin, the level of satisfaction will diminish E. None of lahor is declining but positive, the duct

4. One of the following is not true about the characteristics of well-behaved indifference curves: A. They are convex to the origin B. All points on an indifference curve vield the same level of satisfaction C. They are straight line D. As we move closer to the origin, the level of satisfaction will diminish E. None of lahor is declining but positive, the duct

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Chapter1: Making Economics Decisions

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Question

One of the following is not truc about the characteristics of well-behaved
indifference curves:
A. They are convex to the origin
B. All points on an indifference curve vield the same level of satisfaction
C. They are straight line
D. As we move closer to the origin, the level of satisfaction will diminish
E. None
5.
When the short run average product of labor is declining but positive, the
marginal product of labor is,
C. Zero
D. Any of the above is possible
A. Negative
B. Declining
6.
When marginal utility is positive and declining,
A. Total utility decreases at a diminishing rate
B. Total utility increases at a diminishing rate
C. Total utility increases at an increasing rate
D. Total utility is negative
7.
If the price elasticity of demand is less than 1 and price increases by 8%,
then, quantity demand will,
C. Increase by more than 8%
A. Decrease by less than 8%
D. Remains the same
B. Decrease by more than 8%
8.
refers to attitude of an individual who prefers risk income than income with
certain outcome.
A. Risk Averse
B. Risk lover
C. Risk neutral
D. Diversification
9.
The law of scarcity refers to the following facts:
A. Scarcity exist only during bad economic times
B. Scarcity exists only when there is poverty
C. Even in the richest countries, hungry people can be found
D. No country can produce enough to satisfy fully every body's wants for
everything.
10.
From the following one is wrong.
A. Consumer's taste can be a determined factors for shift of demand
B. Consumer's income can be a determinant factor for the shift of demand
Worksheet for Microeconomics I (Econ 241)

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