【acca F1考试题】2019年4月12日acca每日一练(3-4)
【acca选择题】
3.If the absolute value of the price elasticity of demand for dry white wine is greater than one, a decrease in the price of all wine would result in:
A A more than proportional decrease in the quantity of dry white wine purchased
B A less than proportional decrease in the quantity of dry white wine purchased
C A less than proportional increase in the quantity of dry white wine purchased
D A more than proportional increase in the quantity of dry white wine purchased (2 marks)
4. Mr Smith has a limited income which restricts the number of different goods he can buy. Which one of the following best describes the position at which Mr Smith's utility from purchasing different goods is maximised?
A Marginal utility from each good is equal
B Marginal utility from each good is 0
C Ratio of marginal utility to price is equal for each good
(1 mark)
3. D
Rationale: Assuming a normal good, a decrease in price results in a greater quantity being demanded. Given that demand is price elastic, the increase in quantity will be proportionally greater than the price fall.
4. C
Rationale: Imagine you can buy a second car for $10,000 or buy a bike for $100 and they both give you the same extra utility. You wouldn't choose to buy the car as you're paying much more to achieve the same utility as you could get from buying the bike. If you get 10 times more utility for one thing compared to another you'd be prepared to pay 10 times more for it.
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