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11. When we own something, we value it more than other people do. This is known as ______.
Answer
Correct Answer:
The endowment effect
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12. Standard economics views consumers as ______.
Answer
Correct Answer:
Completely self-controlled
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13. When consumers rely on decisions they feel have worked well enough in the past, they are using ______.
Answer
Correct Answer:
Rules of thumb
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14. Behavioral economics augments the traditional economic model by drawing on which of the following fields?
Answer
Correct Answer:
Psychology
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15. At consumer equilibrium, the marginal utility per dollar for smartphones and tablets would be ______.
Answer
Correct Answer:
Equal
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16. If a movie ticket and a dance recital ticket cost the same, but the marginal utility of the dance recital ticket is greater than the marginal utility of the movie ticket, then consumers will buy ______.
Answer
Correct Answer:
More dance recital tickets
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17. Consumer equilibrium occurs when all goods ______.
Answer
Correct Answer:
Deliver the same “bang for the buck”
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18. A consumer will stop buying one good and start buying a second good if she gets ______.
Answer
Correct Answer:
More satisfaction per dollar from the second good
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19. Because of the law of diminishing marginal utility, the marginal utility curve has a(n) ______ slope.
Answer
Correct Answer:
Negative
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20. Extra satisfaction generated by consumption of an additional good or service during a specific time period is known as ______.
Answer
Correct Answer:
Marginal utility
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21. What happens to marginal utility as consumption increases?
Answer
Correct Answer:
It decreases.
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22. As consumption increases, ______ also increases.
Answer
Correct Answer:
Total utility
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23. Economists recognize that it is not really possible to make ______ utility comparisons.
Answer
Correct Answer:
Interpersonal
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24. Which of the following do economists define as equal to one unit of satisfaction?
Answer
Correct Answer:
One util
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25. Which of the following is used to explain why the demand curve has a downward slope?
Answer
Correct Answer:
Law of diminishing marginal utility
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26. Utility is ________ of Satisfaction
Answer
Correct Answer:
Relative levels
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27. One unit of satisfaction is called
Answer
Correct Answer:
Util
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28. Total amount of satisfaction derived from the consumption of a certain number of goods or services is known as
Answer
Correct Answer:
Total Utility
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29. Substitution effect is when a consumer’s switch to another similar good when the _____ of the preferred good increases
Answer
Correct Answer:
Price
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30. Substitution effect is when a consumer’s switch to another similar good when the _____ of the preferred good increases
Answer
Correct Answer:
Price
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31. Extra satisfaction generated by consumption of an additional good during a specific time period is called
Answer
Correct Answer:
Marginal Utility
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32. Income effect occurs because of a consumer’s ____ purchasing power.
Answer
Correct Answer:
Decreased
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33. Diminishing marginal utility is A good’s ability to provide ____ satisfaction with each successive unit consumed
Answer
Correct Answer:
Less
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34. Consumer equilibrium is Based on the ratio of ________Utility.
Answer
Correct Answer:
Marginal Utility
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35. A field of economics that incorporates insights from human psychology is called
Answer
Correct Answer:
Behavioral economics
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