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A consumer has an income of 100, the price of good x is 2 and the price of good y is 4. When the consumer consumes x=10, y=20, their MRS
is 2. When the consumer consumes x=30, y=10, their MRS is 1/8. If the consumer has strictly convex preferences, which of the following could
be their optimal choice of x and y?
a. x=6, y=22
b. x=40, y=5
c. x=16, y=17
d. x=30, y=30
A consumer has an MRS equal to 1/2 at any quantity of x and y. Which of the following trades would they be willing to accept? 
a. Give up 1 unit of y, receive 1 unit of x
b. Give up 3 units of x, receive 2 units of y
c. Give up 3 units of y, receive 2 units of x
d. Give up 4 units of x, receive 1 unit of y
We know that a consumer gets 8 utility from eating one slice of cheese pizza and 10 utility from eating one slice of pepperoni pizza. Which of
the following is true based on this information?
a. If the consumer has enough money to buy one slice of pizza and all slices cost the same amount, they will buy the slice with
pepperoni
b. The consumer prefers 2 slices of cheese pizza to one slice of pepperoni pizza
c. The consumer gets 2 units of utility from consuming pepperoni on its own
d. All of the above are true
e. None of the above are true
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Carl's preferences over pretzels (P) and chips (C) can be represented by the utility function . Denise's preferences
over the same two goods can be represented by . Which of the following is NOT necessarily true?
a. If Carl and Denise both consume 2 bags of potato chips and 2 bags of pretzels, Denise will be happier than Carl
b. Carl and Denise have the same MRS
c. Carl and Denise will buy the same proportion of pretzels to chips (P/C) if they maximize utility
d. Carl and Denise both have homothetic preferences
U(C,P ) = ln(C)+ ln(P )
U(C,P ) = CP
Which of the following utility functions would never have a corner solution as the optimal choice of the consumer
a.
b.
c.
d.
U(x, y) = +x
3
y
2
U(x, y) = 3x+4y
U(x, y) = +x
1/3
y
2/3
U(x, y) = ln(x)+ y
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A consumer has utility function . The consumer has income I=120, the price of x is 2 and the price of y is 3. What is this
consumer's optimal consumption of x?
a. 12
b. 24
c. 0
d. 60
U(x, y) = 4 + 6x
2
y
2
Which of the following utility functions is homothetic?
a.
b.
c.
d.
U(x, y) = ln(2+ x)+ ln(y)
U(x, y) = 3( + +2)x
1/2
y
1/2
U(x, y) = + yx
1/2
y
1/2
U(x, y) = 2xy+ x
A consumer has a utility function over chocolate (C) and licorice (L) given by . Which of the following accurately
describes this consumer's preferences?
a. The consumer is indifferent between 2 chocolates or 1 licorice
b. The consumer gets twice as much utility from licorice as from chocolate
c. Both of the above are true
d. None of the above are true
U(C,L) = 2C +L
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A consumer gets utility from pizzas that include a base (B) and toppings (T). They only get utility from a pizza that includes one base and 3
toppings. Which of the following could represent this consumer's preference?
a.
b.
c.
d.
U(B,T ) = min(3B,T )
U(B,T ) = B+3T
U(B,T ) = 3B+T
U(B,T ) = min(B, 3T )
A consumer has utility function . What is the least the consumer can spend to reach 12 utility when and ?
a. 8
b. 12
c. 6
d. 9
U(x, y) = 3x+4y = 2p
x
= 3p
y
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Which of the following expressions represents the expenditure function for a consumer with utility function ? 
a.
b.
c.
d.
U(x, y) = min(2x, 5y)
E = 2 +5p
x
p
y
E =min(2 , 5 )
p
x
p
y
E = (2 + 5 )U
¯
p
x
p
y
E = ( + )U
¯
p
x
2
p
y
5
The expenditure function for some utility function is given by . Which of the following is the indirect utility function
that comes from the same utility function?
a.
b.
c.
d.
E = (4 (U
¯
p
x
)
1/4
4
3
p
y
)
3/4
V = I((4 + ( )p
x
)
1/4
p
y
)
3/4
V = ( (
1
4
I
p
x
)
1/4
3
4
I
p
y
)
3/4
V = ( I ( I
1
4
p
x
)
3/4
3
4
p
y
)
1/4
V = I(4 (p
x
)
1/4
4
3
p
y
)
3/4
A consumer with strictly convex preferences has Hicksian demands for x and y given by x=10, y=5 when and and . If
the price of x increases to 3, how much will the consumer have to spend total to keep at the new prices?
a. Exactly 50
b. Less than 40
c. Between 40 and 50
d. More than 50
= 2p
x
= 4p
y
= 20U
¯
= 20U
¯
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When a consumer is maximizing their utility given an income of 100 and they consume x=40 and y=60. They receive 100 utility
from this consumption bundle. If the consumer wanted to reach a utility of 110, they would have to spend
a. We do not know anything about how much it would cost
b. Less than 100, but we do not know exactly how much from the information given
c. Exactly 110
d. More than 100, but we do not know exactly how much from the information given
= = 1p
x
p
y
A consumer has preferences over x and y represented by the utility function . Currently, prices are and .
There will be a substitution effect equal to zero if the price of x increases to
a. 6
b. 8
c. Both of these have substitution effects equal to zero
d. Neither of these have substitution effects equal to zero
U(x, y) = 2x+3y = 5p
x
= 10p
y
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The price of good changes from 2 to 4. A consumer with an income of 100 buys 25 units of to maximize their utility before the price
change and 15 units after. If they had kept utility constant at the original level and minimized expenditure, they would have purchased 18
units of . What is the substitution effect from this price change?
a. -10
b. -7
c. -2
d. -3
x x
x
What is the substitution effect for a consumer with utility function for a small change in the price of x?
a.
b. 0
c.
d.
U(x, y) = min(2x, 3y)
1
2
I
2
I
p
2
x
When the price of a good increases, a consumer with a fixed income decreases their total consumption of that good by 10 units. If the
substitution effect for that price change is -15, then it must be that
a. The good is a normal good
b. The income effect is larger (in absolute value) than the substitution effect
c. The good is an inferior good
d. The income effect and the substitution effect have the same sign
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A consumer has utility function . The consumer has an income of 20 and both prices are equal to 1. The price of y increases
to 2, which decreases their utility. What amount of income at the old prices would have given the consumer the same amount of utility they
get at the new prices?
a. 15
b. 10
c. 5
d. 30
U(x, y) = x+4y
Consumers divide their income between junk food (J) and healthy food (H). They have a utility function given by . The
consumer's income is 100, and The government wants to discourage consumption of junk food and imposes a tax of 2 on
each unit of junk food purchased. By what percent does this decrease consumption of junk food?
a. 100%
b. 33.3%
c. 50%
d. 67.7%
U(J,H) = J
1/3
H
2/3
= 2p
J
= 4p
H
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A student is solving their Econ 11 exam and they encounter a partial equilibrium question which includes a consumer with utility function
and production function . The student thinks it would be easier to work with the
equations if they squared everything, writing and . They solve through the problem with these functions and find the
equilibrium price. Did the student make a mistake?
a. Yes, because squaring the production function will give them a different answer than using the original equation
b. Yes, because squaring the utility function will will give them a different answer than using the original equation
c. No, they did not make a mistake
d. Yes,  because squaring either function will will give them a different answer than using the original equation
U = U(x, y) = x
1/2
y
1/2
Q= F (x, y) = x
1/2
y
1/2
U = xy Q= xy
A firm has a production function that is constant returns to scale. With 100 units of labor and 100 units of capital, the firm produces 400 units
of output. With 50 units of labor and 100 units of capital, it would produce
a. Exactly 200 units of output
b. Between 200 and 400 units of output
c. Less than 400 units of output, but we cannot narrow the range further than that
d. Less than 200 units of output
Which of the following production functions has diminishing marginal product of labor and capital but increasing returns to scale?
a.
b.
c. It is impossible to have diminishing marginal product of both inputs and increasing returns to scale
d.
F (K,L) =
K
1/2
L
3/4
F (K,L) =K
2
L
2
F (K,L) =K
1/4
L
3/4
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Which of the following production functions does NOT have convex isoquants?
a.
b.
c. All of these have convex isoquants
d.
F (K,L) =K
2
L
2
F (K,L) = +K
2
L
2
F (K,L) = +K
1/2
L
1/2
A firm with currently employs 500 units of labor and 100 units of capital. The marginal rate of technical substitution at these values is 1/4. If
the wage rate is 5 and the rental rate of capital is 25, this firm could produce the same amount more cheaply by
a. Hiring less labor and renting more capital
b. Hiring more labor and renting less capital
c. We cannot determine with the information provided
d. It is already producing the current quantity as efficiently as possible
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A firm has production function . How much capital will the firm choose to rent if the wage is 3, the rental rate of capital is 2
and the firm wants to produce 20 units of output?
a. 40
b. 20
c. 10
d. 30
Q=K
2/5
L
3/5
A firm has production function . If and , which of the following represents the firm's long run cost function?
a.
b.
c.
d.
Q= 3K +4L w= 1 v= 2
C = 4Q+6
C = +2
Q
4
Q
3
C = 2
Q
3
C =
Q
4
A firm has production function . Which of the following represents the firm's short run total cost curve if capital is fixed at 100,
the wage is 20 and the rental rate of capital is 10?
a.
b.
c.
d.
Q=K
1/4
L
1/2
C = 15Q+1000
C =
Q
2
100
C = 20 +10QQ
2
C = 2 +1000Q
2
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A firm has a short run cost curve given by . What is the minimum price at which this firm would continue to
produce in the short run?
a. 25
b. 10
c. 0
d. 15
C = −10 +50Q+100Q
3
Q
2
A firm in a perfectly competitive market has cost function . If the price in the market is 18, what quantity will this firm
produce to maximize profit?
a. 0
b. 11
c. 6
d. 10
C = +50
1
6
Q
3
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A firm in a perfectly competitive market has a short run cost curve . If the price in the market is 15, the firm will
a. Shut down in the short run and leave the market in the long run
b. Produce in the short run and leave the market in the long run
c. Shut down in the short run and stay in the market in the long run
d. Produce in the short run and stay in the market in the long run
C = 2 +50Q
2
A firm in a perfectly competitive market has a strictly increasing marginal cost curve. At its current level of production, MC=10 and the market
price is 8. The firm could increase its profits by
a. Increasing the amount it produces
b. Decreasing the price it charges
c. Increasing the price it charges
d. Decreasing the amount it produces
There are three price-taking firms in the market for good with cost functions 
  ,   , and  . Which of the following represents the market supply curve for this market?
a.
b.
c.
d.
x
= +50C
1
1
10
Q
2
x
= + 20C
2
1
4
Q
2
x
= + 10C
3
1
6
Q
2
x
= +80X
S
1
10
p
x
= 10X
S
p
x
= 10 +80
X
S
p
x
=X
S
1
10
p
x
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There are three consumers in a market. Each consumer has the same income and the same form of utility given by
, but differ in . If ,  , and  , what is the market demand curve for the market for good ?
a.
b.
c.
d.
I = 200
U(x, y) = x
α
y
1−α
α = 1/4α
1
= 1/2α
2
= 3/4α
3
x
=X
D
150
p
x
=X
D
600
p
x
=X
D
300
p
x
= 600X
D
p
x
The market for good has a market demand curve given by and a market supply curve given by . What is the
equilibrium price in this market?
a. 10
b. 30
c. 20
d. 5
x =X
D
12000
p
x
= 30X
S
p
x
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The current market price is 16. There are 100 identical firms in the market that each have cost functions given by . In the long
run in this market we would expect
a. Firms to exit, decreasing the market price
b. Firms to exit, increasing the market price
c. Firms to enter, increasing the market price
d. Firms to enter, decreasing the market price
C = +32Q
2
In the long run equilibrium of a perfectly competitive market, which of the following is NOT true?
a. Price equals average variable cost for each firm
b. Price equals marginal cost for each firm
c. Price equals average cost for each firm
d. Profits are zero
In the market for good , there are many consumers with identical utility functions given by . Assume the market is
currently in its long run equilibrium. A new study comes out that reveals health benefits of , which changes everyone in the market's
preferences to . If this is the only change in the market we would expect
a. Firms to exit the market for x in the long run
b. The price of x to decrease in the short run
c. The price of x to increase in the short run
d. No change in the price of x in the short run
x U(x, y) = x
1/4
y
3/4
x
U(x, y) = x
1/2
y
1/2
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There are many firms in the market for good with identical short run production functions given by . A new
technological discovery reduces the amount of labor needed to produce a given quantity of , changing the production function to
. If this is the only change in the market, we would expect.
a. Firms to exit the market in the long run
b. The price of y to increase in the short run
c. No change in the price of y
d. The price of y to decrease in the short run
y F (K,L) = 10L
1/2
y
F (K,L) = 20L
1/2
Two consumers in an exchange economy have utility functions and . If both consumers have equal
endowments of both goods, we would expect that in equilibrium
a. Consumer A consumes only x
b. Consumer B consumes only y
c. Both of the above are true
d. None of the above are true
(x, y) = 2x+3yU
A
(x, y) = 4x+ yU
B
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For the following questions, assume there are two consumers with utility functions given by
And endowments given by
If the price ratio , which of the following is TRUE?
Consumer B wants to trade some of their endowment of y to get some x
There is an excess demand for y
Consumer A wants to trade some of their endowment of y to receive some x
All of these are true

What is the equilibrium price ratio in this economy?
4/5
8/3
17/12
1

In equilibrium, how much of good x does consumer B consume?
90
72.5
110
100

Consumer A receives an additional endowment of good x, pushing his total endowment to 40. Assuming this is the only change, the
equilibrium price ratio  will
Decrease
Increase
No change
Could increase or decrease

Returning to the initial endowments, consumer B's preferences change so that his utility function becomes . If this is the
only change in the economy, the equilibrium price ratio will
Could increase or decrease
Decrease
Increase
No change

=U
A
x
1/5
y
4/5
=U
B
x
4/5
y
1/5
= 20, = 80, = 100, = 100e
A
x
e
A
y
e
B
x
e
B
y
= 1
p
x
p
y
p
x
p
y
p
x
p
y
U(x, y) = x
1/2
y
1/2

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For the following questions, assume a single firm produces two goods, and , with production functions
And there is a single consumer with utility function
Assume that there is enough labor for the firm to hire 2000 hours and the firm always uses all available workers. The consumer owns the firm
and receives all the profits.
Assume that the firm devotes half of the available labor to each good. What would its Rate of Product Transformation (RPT) be at this point?
20
1
3/2
1/10
Assume that the price ratio is equal to the RPT you found above. At this price ratio, if the consumer maximizes utility and the firm
maximizes profit (hint: remember the consumer's income is equal to the firm's revenue)
The consumer wants to consume more x than the firm wants to produce
The price ratio is below the equilibrium price ratio
The consumer wants to consume more y than the firm wants to produce
The firm is willing to produce exactly what the consumer wants to buy for each good

How much x is produced in this economy in equilibrium?
10
20

The consumer's preferences change to  . Other things equal, this change will cause the equilibrium price ratio to
Could increase or decrease
No change
Decrease
Increase

The firm's production function for good changes to  . Other things equal, this change will cause the equilibrium price ratio to
Increase
Decrease
No change
Could increase or decrease

x y
x= L
1/3
x
y = L
2/3
y
U(x, y) = x
1/3
y
2/3
p
x
p
y
200
1/3
400
1/3
U(x, y) = x
1/2
y
1/2
y y = L
1/3
y
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2021/12/2 下午4:52 Practice Final (page 9 of 9)
https://moodle2.sscnet.ucla.edu/mod/quiz/attempt.php?attempt=836625&cmid=781794&page=8 3/4
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2021/12/2 下午4:52 Practice Final (page 9 of 9)
https://moodle2.sscnet.ucla.edu/mod/quiz/attempt.php?attempt=836625&cmid=781794&page=8 4/4
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