Welcome to your Grade 11 Economics chapter 1
After carefully reading the following 30 questions, choose the correct answer.
1.
What is defined as the rate at which a consumer is willing to substitute one good for another while maintaining the same level of utility?
2.
A set of indifference curves is known as an:
3.
Which of the following is a property of a standard indifference curve?
4.
At the X-intercept of a budget line, the consumer is:
5.
The demand curve can be derived from which of the following?
6.
What happens to the budget line if the price of good X rises?
7.
Indifference curves for perfect substitutes are:
8.
Indifference curves for perfect complements are:
9.
The slope of an indifference curve is equal to:
10.
A consumer is in equilibrium when the Marginal Rate of Substitution (MRS) equals:
11.
If a consumer's income is Birr 2900, Px = 50, and Py = 40, what is the Y-intercept?
12.
What is the term for the additional satisfaction gained from consuming one more unit of a good?
13.
Which of the following is NOT an economic agent mentioned in the text?
14.
An indifference curve shows combinations of goods that provide the consumer with:
15.
A parallel shift of the budget line to the left indicates:
16.
In the cardinal approach, equilibrium is reached when:
17.
The budget line is also known as the:
18.
Indifference curves cannot intersect because of the assumption of:
19.
The locus of equilibrium points resulting from changes in consumer income is called:
20.
If MRS is greater than the price ratio, the consumer should:
