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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is the budget set?
💡 Hint: Think about the combinations of goods within the limits of one’s income.
Question 2
Easy
If income increases, what happens to the budget line?
💡 Hint: Consider what happens when you have more money to spend.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What does the budget line represent?
- All possible consumption bundles
- Total income
- Only one good
💡 Hint: Think about what it shows in a graphical representation.
Question 2
If the price of a good increases, how does the budget line change?
- True
- False
💡 Hint: Consider how a price change affects your choices.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A consumer has an income of $200, with the prices of goods A and B as $10 and $20 respectively. If the price of A drops to $5, what is the new budget set?
💡 Hint: Use the budget constraint formula.
Question 2
Discuss the impact on the consumer's budget set if the income drops drastically. Provide examples of how consumption choices might change.
💡 Hint: Consider consumer behavior during financial struggles.
Challenge and get performance evaluation