Consumer Choice Theory Quiz

Froggy Jumps

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Test your understanding of consumer choice.

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Shodiya

Uzbekistan

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Consumer Choice Theory Quiz


Froggy Jumps Consumer Choice Theory QuizOnline version Test your understanding of consumer choice. by Shodiya 1 What is the basic goal of a consumer in the theory of choice? a To minimize prices of goods b To maximize utility given a budget constraint c To spend all income on goods 2 Which curve shows combinations of two goods yielding the same satisfaction? a Indifference curve b Budget line c Demand curve 3 What does a budget constraint represent? a Limit on consumption given income and prices b Preferred bundle of goods c Utility maximization rule 4 Which principle guides the choice between two bundles at the margin? a Equal prices of goods b Equal marginal utility per dollar c Equal total utility 5 What happens to the budget line when income rises while prices stay the same? a Rotates inward b Becomes steeper c Shifts outward 6 A higher price of good A causes the budget line to: a Rotate inward restricting A's quantity b Become horizontal c Shift outward expanding budget 7 Which concept explains why a consumer may substitute goods as relative prices change? a Complementary effect b Income effect c Substitution effect 8 What does the convex shape of indifference curves imply about preferences? a Preference for single good only b Perfect substitutes c Preference for variety and diminishing marginal rate of substitution 9 If a consumer's utility is maximized at a point on the budget line, what condition holds? a Prices are equal b MRS equals income c Marginal rate of substitution equals price ratio 10 What does the budget line shifting parallel indicate? a Change in preferences b Change in income with constant prices c Change in prices with constant income 11 What does the budget line shifting parallel indicate? a Change in preferences b Change in income with constant prices c Change in prices with constant income

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Consumer Choice Theory Quiz

Froggy Jumps

About this activity

Created by

Download the paper version to play

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Consumer Choice Theory QuizOnline version

by Shodiya

What is the basic goal of a consumer in the theory of choice?

Which curve shows combinations of two goods yielding the same satisfaction?

What does a budget constraint represent?

Which principle guides the choice between two bundles at the margin?

What happens to the budget line when income rises while prices stay the same?

A higher price of good A causes the budget line to:

Which concept explains why a consumer may substitute goods as relative prices change?

What does the convex shape of indifference curves imply about preferences?

If a consumer's utility is maximized at a point on the budget line, what condition holds?

What does the budget line shifting parallel indicate?

What does the budget line shifting parallel indicate?