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			<text><![CDATA[$course$/Untitled3]]></text>
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				<![CDATA[Mb9frank 3-1]]>
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				<![CDATA[If the consumer's budget constraint is given by 10F + 5S = 100 where F is food and S is shelter, how much food can he buy if he purchases 2 units of shelter?]]>
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		<single>true</single>
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				<![CDATA[10]]>
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				<![CDATA[20]]>
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				<![CDATA[9]]>
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				<![CDATA[5]]>
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				<![CDATA[Mb9frank 3-2]]>
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				<![CDATA[If the consumer's budget constraint is given by 10F + 5S = 100 where F is food and S is shelter, what is the opportunity cost of food in terms of shelter?]]>
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		<defaultgrade>1</defaultgrade>
		<penalty>0.0000000</penalty>
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		<single>true</single>
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				<![CDATA[]]>
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				<![CDATA[15]]>
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				<![CDATA[5]]>
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				<![CDATA[10]]>
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				<![CDATA[2]]>
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				<![CDATA[Mb9frank 3-3]]>
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				<![CDATA[If the consumer's budget constraint is given by 4P + 2B = 50 where P is pizza and B is burgers, the following bundles of pizza and burger would be on the budget constraint&#58;]]>
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		<single>true</single>
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				<![CDATA[P = 2; B = 21]]>
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				<![CDATA[P = 10; B = 20]]>
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				<![CDATA[P = 5; B = 10]]>
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				<![CDATA[P = 2; B = 24]]>
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				<![CDATA[Mb9frank 3-4]]>
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				<![CDATA[An increase in the price of one good will cause]]>
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		<single>true</single>
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				<![CDATA[an inside shift of the budget curve.]]>
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				<![CDATA[a parallel shift in the budget curve.]]>
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				<![CDATA[an outward rotation of the budget curve.]]>
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				<![CDATA[an inward rotation of the budget curve.]]>
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				<![CDATA[Mb9frank 3-5]]>
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				<![CDATA[An increase in income with no changes in the price of either good will cause]]>
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				<![CDATA[]]>
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		<defaultgrade>1</defaultgrade>
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		<single>true</single>
		<correctfeedback format="html">
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				<![CDATA[no change in the budget curve.]]>
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				<![CDATA[an inward rotation of the budget curve.]]>
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				<![CDATA[an inward shift of the budget curve.]]>
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				<![CDATA[an outward shift of the budget curve.]]>
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				<![CDATA[Mb9frank 3-6]]>
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				<![CDATA[Suppose you are choosing between milk and cookies. If the opportunity cost of cookies in terms of milk increases, then the budget curve will]]>
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		<single>true</single>
		<correctfeedback format="html">
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				<![CDATA[]]>
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				<![CDATA[shift inward.]]>
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				<![CDATA[shift outward.]]>
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				<![CDATA[rotate inward.]]>
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				<![CDATA[rotate outward.]]>
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				<![CDATA[Mb9frank 3-7]]>
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				<![CDATA[The &quot;composite good&quot; refers to]]>
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		<defaultgrade>1</defaultgrade>
		<penalty>0.0000000</penalty>
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		<shuffleanswers>true</shuffleanswers>
		<answernumbering>ABCD</answernumbering>
		<single>true</single>
		<correctfeedback format="html">
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				<![CDATA[]]>
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				<![CDATA[an abstraction requiring more than a three dimensional graph.]]>
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				<![CDATA[the notion that consumer pleasure cannot be modeled graphically.]]>
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				<![CDATA[large purchases that cannot be incrementally divided.]]>
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				<![CDATA[income not spent on good X in a two-dimensional graphical presentation.]]>
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				<![CDATA[Mb9frank 3-8]]>
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				<![CDATA[If the price of a good shown on the vertical axis of a budget graph is cut in half and the price of the good on the horizontal axis is cut by 75%, then the budget constraint shifts]]>
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				<![CDATA[]]>
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		<answernumbering>ABCD</answernumbering>
		<single>true</single>
		<correctfeedback format="html">
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				<![CDATA[]]>
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				<![CDATA[left and becomes flatter.]]>
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				<![CDATA[right and becomes flatter.]]>
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				<![CDATA[right and becomes steeper.]]>
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				<![CDATA[left and becomes steeper.]]>
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				<![CDATA[Mb9frank 3-9]]>
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				<![CDATA[Which of the following are most likely to have indifference curves that are L-shaped?]]>
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		<defaultgrade>1</defaultgrade>
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		<answernumbering>ABCD</answernumbering>
		<single>true</single>
		<correctfeedback format="html">
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				<![CDATA[]]>
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				<![CDATA[Ice cream and frozen yogurt]]>
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				<![CDATA[Coke and Pepsi]]>
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				<![CDATA[A white shirt and a blue shirt]]>
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				<![CDATA[Your textbook and its study guide]]>
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				<![CDATA[Mb9frank 3-10]]>
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				<![CDATA[Your college has three meal plans. One is for 21 meals a week, another for 14 and a third offers only 7. You don't know the price yet but you are certain the 21 would be best. However, your second choice would be to take only the 7 meal plan and if you had to pick a third choice it would be the 14 meal plan. This preference pattern doesn't fit the indifference curve assumption of]]>
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		<defaultgrade>1</defaultgrade>
		<penalty>0.0000000</penalty>
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		<shuffleanswers>false</shuffleanswers>
		<answernumbering>ABCD</answernumbering>
		<single>true</single>
		<correctfeedback format="html">
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				<![CDATA[]]>
			</text>
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				<![CDATA[transitivity.]]>
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				<![CDATA[convexity.]]>
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				<![CDATA[completeness.]]>
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				<![CDATA[none of these because it does not violate any of the assumptions.]]>
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				<![CDATA[Mb9frank 3-11]]>
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				<![CDATA[I prefer 10 apples and 6 oranges to 9 apples and 3 oranges. This is an example of]]>
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				<![CDATA[]]>
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		</generalfeedback>
		<defaultgrade>1</defaultgrade>
		<penalty>0.0000000</penalty>
		<hidden>0</hidden>
		<shuffleanswers>true</shuffleanswers>
		<answernumbering>ABCD</answernumbering>
		<single>true</single>
		<correctfeedback format="html">
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				<![CDATA[]]>
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				<![CDATA[transitivity.]]>
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				<![CDATA[convexity.]]>
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				<![CDATA[more is better.]]>
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				<![CDATA[completeness.]]>
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	<question type="multichoice">
		<name>
			<text>
				<![CDATA[Mb9frank 3-12]]>
			</text>
		</name>
		<questiontext format="html">
			<text>
				<![CDATA[The budget constraint shown below is consistent with a pricing strategy that involves a<br /><br />&#160;<img src="@@PLUGINFILE@@/ch3moodle_f1q12g1.gif" alt="" style="vertical-align: 0.0px;" height="248" width="212" />&#160;]]>
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				<![CDATA[]]>
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		<defaultgrade>1</defaultgrade>
		<penalty>0.0000000</penalty>
		<hidden>0</hidden>
		<shuffleanswers>true</shuffleanswers>
		<answernumbering>ABCD</answernumbering>
		<single>true</single>
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				<![CDATA[]]>
			</text>
		</correctfeedback>
		<partiallycorrectfeedback format="html">
			<text></text>
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				<![CDATA[]]>
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		<answer fraction="0" format="html">
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				<![CDATA[price change of X and a nominal income increase for the consumer.]]>
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					<![CDATA[]]>
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		<answer fraction="100" format="html">
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				<![CDATA[price increase of X for large quantities.]]>
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			<feedback format="html">
				<text>
					<![CDATA[]]>
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			</feedback>
		</answer>
		<answer fraction="0" format="html">
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				<![CDATA[constant price of X for all quantities purchased.]]>
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			<feedback format="html">
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					<![CDATA[]]>
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			</feedback>
		</answer>
		<answer fraction="0" format="html">
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				<![CDATA[price reduction of X for large quantities purchased.]]>
			</text>
			<feedback format="html">
				<text>
					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
	</question>
	<question type="multichoice">
		<name>
			<text>
				<![CDATA[Mb9frank 3-13]]>
			</text>
		</name>
		<questiontext format="html">
			<text>
				<![CDATA[Which is true of the two budget lines drawn below?<br /><br />&#160;<img src="@@PLUGINFILE@@/ch3moodle_f1q13g1.gif" alt="" style="vertical-align: 0.0px;" height="177" width="347" />&#160;]]>
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		</questiontext>
		<generalfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</generalfeedback>
		<defaultgrade>1</defaultgrade>
		<penalty>0.0000000</penalty>
		<hidden>0</hidden>
		<shuffleanswers>true</shuffleanswers>
		<answernumbering>ABCD</answernumbering>
		<single>true</single>
		<correctfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</correctfeedback>
		<partiallycorrectfeedback format="html">
			<text></text>
		</partiallycorrectfeedback>
		<incorrectfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</incorrectfeedback>
		<answer fraction="0" format="html">
			<text>
				<![CDATA[The price of good X is larger with budget line a.]]>
			</text>
			<feedback format="html">
				<text>
					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
		<answer fraction="0" format="html">
			<text>
				<![CDATA[Line a has a higher nominal income than line b.]]>
			</text>
			<feedback format="html">
				<text>
					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
		<answer fraction="0" format="html">
			<text>
				<![CDATA[The absolute price of good Y is greater with budget line a than with budget line b.]]>
			</text>
			<feedback format="html">
				<text>
					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
		<answer fraction="100" format="html">
			<text>
				<![CDATA[Line b and line a have the same nominal income.]]>
			</text>
			<feedback format="html">
				<text>
					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
	</question>
	<question type="multichoice">
		<name>
			<text>
				<![CDATA[Mb9frank 3-14]]>
			</text>
		</name>
		<questiontext format="html">
			<text>
				<![CDATA[Bundles that lie above the indifference curve are preferred to bundles that lie below. This is an example of]]>
			</text>
		</questiontext>
		<generalfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</generalfeedback>
		<defaultgrade>1</defaultgrade>
		<penalty>0.0000000</penalty>
		<hidden>0</hidden>
		<shuffleanswers>true</shuffleanswers>
		<answernumbering>ABCD</answernumbering>
		<single>true</single>
		<correctfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</correctfeedback>
		<partiallycorrectfeedback format="html">
			<text></text>
		</partiallycorrectfeedback>
		<incorrectfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</incorrectfeedback>
		<answer fraction="0" format="html">
			<text>
				<![CDATA[convexity.]]>
			</text>
			<feedback format="html">
				<text>
					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
		<answer fraction="100" format="html">
			<text>
				<![CDATA[more is better.]]>
			</text>
			<feedback format="html">
				<text>
					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
		<answer fraction="0" format="html">
			<text>
				<![CDATA[completeness.]]>
			</text>
			<feedback format="html">
				<text>
					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
		<answer fraction="0" format="html">
			<text>
				<![CDATA[transitivity.]]>
			</text>
			<feedback format="html">
				<text>
					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
	</question>
	<question type="multichoice">
		<name>
			<text>
				<![CDATA[Mb9frank 3-15]]>
			</text>
		</name>
		<questiontext format="html">
			<text>
				<![CDATA[What assumptions are necessary to prevent indifference curves from crossing?]]>
			</text>
		</questiontext>
		<generalfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</generalfeedback>
		<defaultgrade>1</defaultgrade>
		<penalty>0.0000000</penalty>
		<hidden>0</hidden>
		<shuffleanswers>true</shuffleanswers>
		<answernumbering>ABCD</answernumbering>
		<single>true</single>
		<correctfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</correctfeedback>
		<partiallycorrectfeedback format="html">
			<text></text>
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			<text>
				<![CDATA[]]>
			</text>
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		<answer fraction="0" format="html">
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				<![CDATA[More is better]]>
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				<text>
					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
		<answer fraction="100" format="html">
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				<![CDATA[Transitivity and more is better]]>
			</text>
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				<text>
					<![CDATA[]]>
				</text>
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		</answer>
		<answer fraction="0" format="html">
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				<![CDATA[Transitivity]]>
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				<text>
					<![CDATA[]]>
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		</answer>
		<answer fraction="0" format="html">
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				<![CDATA[Completeness]]>
			</text>
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				<text>
					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
	</question>
	<question type="multichoice">
		<name>
			<text>
				<![CDATA[Mb9frank 3-16]]>
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		</name>
		<questiontext format="html">
			<text>
				<![CDATA[The marginal rate of substitution is the]]>
			</text>
		</questiontext>
		<generalfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</generalfeedback>
		<defaultgrade>1</defaultgrade>
		<penalty>0.0000000</penalty>
		<hidden>0</hidden>
		<shuffleanswers>true</shuffleanswers>
		<answernumbering>ABCD</answernumbering>
		<single>true</single>
		<correctfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</correctfeedback>
		<partiallycorrectfeedback format="html">
			<text></text>
		</partiallycorrectfeedback>
		<incorrectfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</incorrectfeedback>
		<answer fraction="0" format="html">
			<text>
				<![CDATA[total utility derived at any point.]]>
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				<text>
					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
		<answer fraction="100" format="html">
			<text>
				<![CDATA[tradeoff rate between the two goods under consideration at any particular point.]]>
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				<text>
					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
		<answer fraction="0" format="html">
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				<![CDATA[rate at which the consumer increases utility.]]>
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					<![CDATA[]]>
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		</answer>
		<answer fraction="0" format="html">
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				<![CDATA[absolute value of the indifference curve.]]>
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				<text>
					<![CDATA[]]>
				</text>
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		</answer>
	</question>
	<question type="multichoice">
		<name>
			<text>
				<![CDATA[Mb9frank 3-17]]>
			</text>
		</name>
		<questiontext format="html">
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				<![CDATA[A diminishing marginal rate of substitution implies that indifference curves are]]>
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		</questiontext>
		<generalfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</generalfeedback>
		<defaultgrade>1</defaultgrade>
		<penalty>0.0000000</penalty>
		<hidden>0</hidden>
		<shuffleanswers>true</shuffleanswers>
		<answernumbering>ABCD</answernumbering>
		<single>true</single>
		<correctfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</correctfeedback>
		<partiallycorrectfeedback format="html">
			<text></text>
		</partiallycorrectfeedback>
		<incorrectfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</incorrectfeedback>
		<answer fraction="0" format="html">
			<text>
				<![CDATA[concave.]]>
			</text>
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				<text>
					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
		<answer fraction="0" format="html">
			<text>
				<![CDATA[straight lines.]]>
			</text>
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				<text>
					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
		<answer fraction="100" format="html">
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				<![CDATA[convex.]]>
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					<![CDATA[]]>
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		<answer fraction="0" format="html">
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				<![CDATA[positively sloped.]]>
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				<text>
					<![CDATA[]]>
				</text>
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		</answer>
	</question>
	<question type="multichoice">
		<name>
			<text>
				<![CDATA[Mb9frank 3-18]]>
			</text>
		</name>
		<questiontext format="html">
			<text>
				<![CDATA[Diminishing marginal rate of substitution implies that the marginal rate of substitution]]>
			</text>
		</questiontext>
		<generalfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</generalfeedback>
		<defaultgrade>1</defaultgrade>
		<penalty>0.0000000</penalty>
		<hidden>0</hidden>
		<shuffleanswers>true</shuffleanswers>
		<answernumbering>ABCD</answernumbering>
		<single>true</single>
		<correctfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</correctfeedback>
		<partiallycorrectfeedback format="html">
			<text></text>
		</partiallycorrectfeedback>
		<incorrectfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</incorrectfeedback>
		<answer fraction="0" format="html">
			<text>
				<![CDATA[falls as one move to higher (northeast) in the indifference curve map.]]>
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				<text>
					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
		<answer fraction="100" format="html">
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				<![CDATA[falls as one travels down (eastward) on an indifference curve.]]>
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				<text>
					<![CDATA[]]>
				</text>
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		<answer fraction="0" format="html">
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				<![CDATA[stays the same as one travels down (eastward) on a typical indifference curve.]]>
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					<![CDATA[]]>
				</text>
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		</answer>
		<answer fraction="0" format="html">
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				<![CDATA[rises as one travels down (eastward) on an indifference curve.]]>
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				<text>
					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
	</question>
	<question type="multichoice">
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			<text>
				<![CDATA[Mb9frank 3-19]]>
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		</name>
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				<![CDATA[Perfect substitutes will have indifference curves which are]]>
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				<![CDATA[]]>
			</text>
		</generalfeedback>
		<defaultgrade>1</defaultgrade>
		<penalty>0.0000000</penalty>
		<hidden>0</hidden>
		<shuffleanswers>true</shuffleanswers>
		<answernumbering>ABCD</answernumbering>
		<single>true</single>
		<correctfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</correctfeedback>
		<partiallycorrectfeedback format="html">
			<text></text>
		</partiallycorrectfeedback>
		<incorrectfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</incorrectfeedback>
		<answer fraction="0" format="html">
			<text>
				<![CDATA[convex.]]>
			</text>
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				<text>
					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
		<answer fraction="100" format="html">
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				<![CDATA[linear (a straight line).]]>
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				<text>
					<![CDATA[]]>
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				<![CDATA[L-shaped.]]>
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				<text>
					<![CDATA[]]>
				</text>
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		</answer>
		<answer fraction="0" format="html">
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				<![CDATA[concave.]]>
			</text>
			<feedback format="html">
				<text>
					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
	</question>
	<question type="multichoice">
		<name>
			<text>
				<![CDATA[Mb9frank 3-20]]>
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				<![CDATA[On a typical budget constraint, the opportunity cost of food in terms of shelter is]]>
			</text>
		</questiontext>
		<generalfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</generalfeedback>
		<defaultgrade>1</defaultgrade>
		<penalty>0.0000000</penalty>
		<hidden>0</hidden>
		<shuffleanswers>true</shuffleanswers>
		<answernumbering>ABCD</answernumbering>
		<single>true</single>
		<correctfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</correctfeedback>
		<partiallycorrectfeedback format="html">
			<text></text>
		</partiallycorrectfeedback>
		<incorrectfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</incorrectfeedback>
		<answer fraction="0" format="html">
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				<![CDATA[the inverse of the opportunity cost of shelter in terms of food.]]>
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				<text>
					<![CDATA[]]>
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		</answer>
		<answer fraction="100" format="html">
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				<![CDATA[zero.]]>
			</text>
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					<![CDATA[]]>
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				<![CDATA[Pf&#47;Ps.]]>
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					<![CDATA[]]>
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				<![CDATA[Ps&#47;Pf.]]>
			</text>
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				<text>
					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
	</question>
	<question type="multichoice">
		<name>
			<text>
				<![CDATA[Mb9frank 3-21]]>
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		</name>
		<questiontext format="html">
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				<![CDATA[Excluding corner solutions, in consumer equilibrium, which of the following is true?]]>
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		<generalfeedback format="html">
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				<![CDATA[]]>
			</text>
		</generalfeedback>
		<defaultgrade>1</defaultgrade>
		<penalty>0.0000000</penalty>
		<hidden>0</hidden>
		<shuffleanswers>true</shuffleanswers>
		<answernumbering>ABCD</answernumbering>
		<single>true</single>
		<correctfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</correctfeedback>
		<partiallycorrectfeedback format="html">
			<text></text>
		</partiallycorrectfeedback>
		<incorrectfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</incorrectfeedback>
		<answer fraction="0" format="html">
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				<![CDATA[The consumer can improve his&#47;her situation by consuming more of both goods.]]>
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					<![CDATA[]]>
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		</answer>
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				<![CDATA[The consumer is minimizing utility given the constraints.]]>
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					<![CDATA[]]>
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				<![CDATA[The marginal rate of substitution equals the slope of the budget constraint.]]>
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					<![CDATA[]]>
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		</answer>
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				<![CDATA[The indifference curve is steeper than the budget constraint.]]>
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					<![CDATA[]]>
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		</answer>
	</question>
	<question type="multichoice">
		<name>
			<text>
				<![CDATA[Mb9frank 3-22]]>
			</text>
		</name>
		<questiontext format="html">
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				<![CDATA[The graph of the budget line below has dollars on the vertical axis and food on the horizontal axis. Which statement is false?<br /><br />&#160;<img src="@@PLUGINFILE@@/ch3moodle_f1q22g1.gif" alt="" style="vertical-align: 0.0px;" height="228" width="360" />&#160;]]>
			</text>
			<file name="ch3moodle_f1q22g1.gif" 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		</questiontext>
		<generalfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</generalfeedback>
		<defaultgrade>1</defaultgrade>
		<penalty>0.0000000</penalty>
		<hidden>0</hidden>
		<shuffleanswers>true</shuffleanswers>
		<answernumbering>ABCD</answernumbering>
		<single>true</single>
		<correctfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</correctfeedback>
		<partiallycorrectfeedback format="html">
			<text></text>
		</partiallycorrectfeedback>
		<incorrectfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</incorrectfeedback>
		<answer fraction="0" format="html">
			<text>
				<![CDATA[The vertical intercept represents all money available for purchasing.]]>
			</text>
			<feedback format="html">
				<text>
					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
		<answer fraction="0" format="html">
			<text>
				<![CDATA[If the amount of money available is known in this graph, then the absolute and relative price of food is known also.]]>
			</text>
			<feedback format="html">
				<text>
					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
		<answer fraction="0" format="html">
			<text>
				<![CDATA[The horizontal intercept represents all the food the consumer could purchase with the budget available.]]>
			</text>
			<feedback format="html">
				<text>
					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
		<answer fraction="100" format="html">
			<text>
				<![CDATA[The distance OA shows the amount of money spent on OD amount of food.]]>
			</text>
			<feedback format="html">
				<text>
					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
	</question>
	<question type="multichoice">
		<name>
			<text>
				<![CDATA[Mb9frank 3-23]]>
			</text>
		</name>
		<questiontext format="html">
			<text>
				<![CDATA[If a corner solution exists,]]>
			</text>
		</questiontext>
		<generalfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</generalfeedback>
		<defaultgrade>1</defaultgrade>
		<penalty>0.0000000</penalty>
		<hidden>0</hidden>
		<shuffleanswers>false</shuffleanswers>
		<answernumbering>ABCD</answernumbering>
		<single>true</single>
		<correctfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</correctfeedback>
		<partiallycorrectfeedback format="html">
			<text></text>
		</partiallycorrectfeedback>
		<incorrectfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</incorrectfeedback>
		<answer fraction="0" format="html">
			<text>
				<![CDATA[marginal rate of substitution will always be greater than the slope of the budget constraint.]]>
			</text>
			<feedback format="html">
				<text>
					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
		<answer fraction="0" format="html">
			<text>
				<![CDATA[marginal rate of substitution will always be equal to the slope of the budget constraint.]]>
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				<![CDATA[marginal rate of substitution will always be less than the slope of the budget constraint.]]>
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				<![CDATA[none of the answer choices is correct.]]>
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				<![CDATA[Mb9frank 3-24]]>
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			<text>
				<![CDATA[According to the rational choice model, cash grants are preferred to food stamps because]]>
			</text>
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				<![CDATA[]]>
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		</generalfeedback>
		<defaultgrade>1</defaultgrade>
		<penalty>0.0000000</penalty>
		<hidden>0</hidden>
		<shuffleanswers>true</shuffleanswers>
		<answernumbering>ABCD</answernumbering>
		<single>true</single>
		<correctfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</correctfeedback>
		<partiallycorrectfeedback format="html">
			<text></text>
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				<![CDATA[]]>
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		<answer fraction="0" format="html">
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				<![CDATA[food would be cheaper to buy with cash.]]>
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				<![CDATA[cash grants allow consumers to reach lower indifference curves.]]>
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				<![CDATA[they enhance consumer choice.]]>
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				<![CDATA[food is the most essential commodity.]]>
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			<text>
				<![CDATA[Mb9frank 3-25]]>
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		<questiontext format="html">
			<text>
				<![CDATA[If food is on the vertical axis and shelter on the horizontal axis, the slope of the budget line is given by]]>
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		<generalfeedback format="html">
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				<![CDATA[]]>
			</text>
		</generalfeedback>
		<defaultgrade>1</defaultgrade>
		<penalty>0.0000000</penalty>
		<hidden>0</hidden>
		<shuffleanswers>true</shuffleanswers>
		<answernumbering>ABCD</answernumbering>
		<single>true</single>
		<correctfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</correctfeedback>
		<partiallycorrectfeedback format="html">
			<text></text>
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				<![CDATA[]]>
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		<answer fraction="0" format="html">
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				<![CDATA[-Pf&#47;Ps.]]>
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					<![CDATA[]]>
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				<![CDATA[-Ps&#47;Pf.]]>
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					<![CDATA[]]>
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				<![CDATA[Ps&#47;Pf.]]>
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				<![CDATA[Pf&#47;Ps.]]>
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					<![CDATA[]]>
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		</answer>
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			<text>
				<![CDATA[Mb9frank 3-26]]>
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		<questiontext format="html">
			<text>
				<![CDATA[If food is on the vertical axis and shelter on the horizontal axis, then the equation for the budget line can be expressed as]]>
			</text>
		</questiontext>
		<generalfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</generalfeedback>
		<defaultgrade>1</defaultgrade>
		<penalty>0.0000000</penalty>
		<hidden>0</hidden>
		<shuffleanswers>true</shuffleanswers>
		<answernumbering>ABCD</answernumbering>
		<single>true</single>
		<correctfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</correctfeedback>
		<partiallycorrectfeedback format="html">
			<text></text>
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				<![CDATA[]]>
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		<answer fraction="0" format="html">
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				<![CDATA[PsS + PfM = S.]]>
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				<![CDATA[PsF + PfS = M.]]>
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					<![CDATA[]]>
				</text>
			</feedback>
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		<answer fraction="0" format="html">
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				<![CDATA[M&#47;Ps = S.]]>
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				<text>
					<![CDATA[]]>
				</text>
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		<answer fraction="100" format="html">
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				<![CDATA[PsS + PfF = M.]]>
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			<feedback format="html">
				<text>
					<![CDATA[]]>
				</text>
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		</answer>
	</question>
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			<text>
				<![CDATA[Mb9frank 3-27]]>
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		<questiontext format="html">
			<text>
				<![CDATA[If food is on the vertical axis and shelter on the horizontal axis, then the equation for the budget line can be expressed as]]>
			</text>
		</questiontext>
		<generalfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</generalfeedback>
		<defaultgrade>1</defaultgrade>
		<penalty>0.0000000</penalty>
		<hidden>0</hidden>
		<shuffleanswers>true</shuffleanswers>
		<answernumbering>ABCD</answernumbering>
		<single>true</single>
		<correctfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</correctfeedback>
		<partiallycorrectfeedback format="html">
			<text></text>
		</partiallycorrectfeedback>
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				<![CDATA[]]>
			</text>
		</incorrectfeedback>
		<answer fraction="100" format="html">
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				<![CDATA[S = M&#47;Ps - (Pf&#47;Ps)F.]]>
			</text>
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					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
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				<![CDATA[PsS + Pf = M.]]>
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					<![CDATA[]]>
				</text>
			</feedback>
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				<![CDATA[F = Pf - (Ps&#47;Pf)S.]]>
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					<![CDATA[]]>
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				<![CDATA[S = M&#47;Ps.]]>
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				<text>
					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
	</question>
	<question type="multichoice">
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				<![CDATA[Mb9frank 3-28]]>
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				<![CDATA[If all consumers are perfectly rational according to microeconomic models they should]]>
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				<![CDATA[]]>
			</text>
		</generalfeedback>
		<defaultgrade>1</defaultgrade>
		<penalty>0.0000000</penalty>
		<hidden>0</hidden>
		<shuffleanswers>true</shuffleanswers>
		<answernumbering>ABCD</answernumbering>
		<single>true</single>
		<correctfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</correctfeedback>
		<partiallycorrectfeedback format="html">
			<text></text>
		</partiallycorrectfeedback>
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			<text>
				<![CDATA[]]>
			</text>
		</incorrectfeedback>
		<answer fraction="0" format="html">
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				<![CDATA[all end up with the same bundle of goods.]]>
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				<![CDATA[all have the same marginal rate of substitution.]]>
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					<![CDATA[]]>
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				<![CDATA[always buy more of the least expensive good.]]>
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					<![CDATA[]]>
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				<![CDATA[all have the same level of satisfaction.]]>
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	<question type="multichoice">
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				<![CDATA[Mb9frank 3-29]]>
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				<![CDATA[According to the text, gift giving in kind]]>
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				<![CDATA[]]>
			</text>
		</generalfeedback>
		<defaultgrade>1</defaultgrade>
		<penalty>0.0000000</penalty>
		<hidden>0</hidden>
		<shuffleanswers>true</shuffleanswers>
		<answernumbering>ABCD</answernumbering>
		<single>true</single>
		<correctfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</correctfeedback>
		<partiallycorrectfeedback format="html">
			<text></text>
		</partiallycorrectfeedback>
		<incorrectfeedback format="html">
			<text>
				<![CDATA[]]>
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		<answer fraction="0" format="html">
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				<![CDATA[should happen more often if people were rational.]]>
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				<![CDATA[cannot be easily explained by the rational choice model.]]>
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				<![CDATA[always increase consumer welfare.]]>
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					<![CDATA[]]>
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				<![CDATA[happens only because people expect to get gifts in return.]]>
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	</question>
	<question type="multichoice">
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			<text>
				<![CDATA[Mb9frank 3-30]]>
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		</name>
		<questiontext format="html">
			<text>
				<![CDATA[According to the rational choice model developed in this chapter, which statement below is false?]]>
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				<![CDATA[]]>
			</text>
		</generalfeedback>
		<defaultgrade>1</defaultgrade>
		<penalty>0.0000000</penalty>
		<hidden>0</hidden>
		<shuffleanswers>true</shuffleanswers>
		<answernumbering>ABCD</answernumbering>
		<single>true</single>
		<correctfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</correctfeedback>
		<partiallycorrectfeedback format="html">
			<text></text>
		</partiallycorrectfeedback>
		<incorrectfeedback format="html">
			<text>
				<![CDATA[]]>
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		<answer fraction="0" format="html">
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				<![CDATA[Individual preference patterns do not change because prices change.]]>
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		</answer>
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				<![CDATA[People would be less happy if they exchanged money rather than things at Christmas.]]>
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					<![CDATA[]]>
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			</feedback>
		</answer>
		<answer fraction="0" format="html">
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				<![CDATA[Consumers behave as if they did cost-benefit analysis on every purchase.]]>
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					<![CDATA[]]>
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		</answer>
		<answer fraction="0" format="html">
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				<![CDATA[Cash grants are always better than in-kind gifts.]]>
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		</answer>
	</question>
	<question type="multichoice">
		<name>
			<text>
				<![CDATA[Mb9frank 3-31]]>
			</text>
		</name>
		<questiontext format="html">
			<text>
				<![CDATA[If the consumer is willing to give up 3 units of food (vertical axis) in exchange for one unit of shelter (horizontal axis) and food is priced at 10 and shelter at 20, then the consumer is purchasing]]>
			</text>
		</questiontext>
		<generalfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</generalfeedback>
		<defaultgrade>1</defaultgrade>
		<penalty>0.0000000</penalty>
		<hidden>0</hidden>
		<shuffleanswers>true</shuffleanswers>
		<answernumbering>ABCD</answernumbering>
		<single>true</single>
		<correctfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</correctfeedback>
		<partiallycorrectfeedback format="html">
			<text></text>
		</partiallycorrectfeedback>
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			<text>
				<![CDATA[]]>
			</text>
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		<answer fraction="0" format="html">
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				<![CDATA[too much shelter for utility maximization.]]>
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					<![CDATA[]]>
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			</feedback>
		</answer>
		<answer fraction="0" format="html">
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				<![CDATA[less than the budget would allow.]]>
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					<![CDATA[]]>
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		</answer>
		<answer fraction="100" format="html">
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				<![CDATA[too much food for utility maximization.]]>
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					<![CDATA[]]>
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			</feedback>
		</answer>
		<answer fraction="0" format="html">
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				<![CDATA[just the right amount of each good for utility maximization.]]>
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				<text>
					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
	</question>
	<question type="multichoice">
		<name>
			<text>
				<![CDATA[Mb9frank 3-32]]>
			</text>
		</name>
		<questiontext format="html">
			<text>
				<![CDATA[Which statement is true within the framework of rational choice economics?]]>
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		</questiontext>
		<generalfeedback format="html">
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				<![CDATA[]]>
			</text>
		</generalfeedback>
		<defaultgrade>1</defaultgrade>
		<penalty>0.0000000</penalty>
		<hidden>0</hidden>
		<shuffleanswers>true</shuffleanswers>
		<answernumbering>ABCD</answernumbering>
		<single>true</single>
		<correctfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</correctfeedback>
		<partiallycorrectfeedback format="html">
			<text></text>
		</partiallycorrectfeedback>
		<incorrectfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</incorrectfeedback>
		<answer fraction="100" format="html">
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				<![CDATA[When the relative prices change a rational consumer's preference will not be altered.]]>
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					<![CDATA[]]>
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			</feedback>
		</answer>
		<answer fraction="0" format="html">
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				<![CDATA[When the relative prices change a rational consumer's preference pattern will be altered.]]>
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					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
		<answer fraction="0" format="html">
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				<![CDATA[Indifference curves are empirically determined functions that are identical for all persons who are truly rational choice operators.]]>
			</text>
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					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
		<answer fraction="0" format="html">
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				<![CDATA[The budget line and the indifference curves are interdependent in the maximizing models.]]>
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			<feedback format="html">
				<text>
					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
	</question>
	<question type="multichoice">
		<name>
			<text>
				<![CDATA[Mb9frank 3-33]]>
			</text>
		</name>
		<questiontext format="html">
			<text>
				<![CDATA[Economists usually do not favor subsidies on specific products or in-kind payments to help low income people. This is because]]>
			</text>
		</questiontext>
		<generalfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</generalfeedback>
		<defaultgrade>1</defaultgrade>
		<penalty>0.0000000</penalty>
		<hidden>0</hidden>
		<shuffleanswers>true</shuffleanswers>
		<answernumbering>ABCD</answernumbering>
		<single>true</single>
		<correctfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</correctfeedback>
		<partiallycorrectfeedback format="html">
			<text></text>
		</partiallycorrectfeedback>
		<incorrectfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</incorrectfeedback>
		<answer fraction="100" format="html">
			<text>
				<![CDATA[the poor person could have increased utility if the same money used to subsidize a product would be given to them to use as they choose.]]>
			</text>
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					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
		<answer fraction="0" format="html">
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				<![CDATA[economists are individualists who believe that helping the needy makes them dependent.]]>
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					<![CDATA[]]>
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			</feedback>
		</answer>
		<answer fraction="0" format="html">
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				<![CDATA[in-kind payments suggest that the poor person does not have an indifference curve pattern from which to make choices.]]>
			</text>
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				<text>
					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
		<answer fraction="0" format="html">
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				<![CDATA[a subsidy means that the recipient does not face a budget line anymore and therefore cannot maximize his welfare efficiently.]]>
			</text>
			<feedback format="html">
				<text>
					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
	</question>
	<question type="multichoice">
		<name>
			<text>
				<![CDATA[Mb9frank 3-34]]>
			</text>
		</name>
		<questiontext format="html">
			<text>
				<![CDATA[Which statement is true?]]>
			</text>
		</questiontext>
		<generalfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</generalfeedback>
		<defaultgrade>1</defaultgrade>
		<penalty>0.0000000</penalty>
		<hidden>0</hidden>
		<shuffleanswers>true</shuffleanswers>
		<answernumbering>ABCD</answernumbering>
		<single>true</single>
		<correctfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</correctfeedback>
		<partiallycorrectfeedback format="html">
			<text></text>
		</partiallycorrectfeedback>
		<incorrectfeedback format="html">
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				<![CDATA[]]>
			</text>
		</incorrectfeedback>
		<answer fraction="0" format="html">
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				<![CDATA[The further down a food and shelter budget line a consumer moves, the more of his budget he is spending.]]>
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		<answer fraction="100" format="html">
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				<![CDATA[The &quot;composite good&quot; shows the amount of money the consumer has spent on good X in the two good optimizing model.]]>
			</text>
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					<![CDATA[]]>
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		</answer>
		<answer fraction="0" format="html">
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				<![CDATA[When Pete adopts a corner solution he is definitely not maximizing utility.]]>
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				<![CDATA[When the price of good X (on the horizontal axis) falls and the price of good Y rises, the budget line gets steeper.]]>
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		</answer>
	</question>
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			<text>
				<![CDATA[Mb9frank 3-35]]>
			</text>
		</name>
		<questiontext format="html">
			<text>
				<![CDATA[Suppose the budget constraint is given by 200P + 50S = 400, where P is pizza and S is spinach. If the prices of S and P increase by 10% each then the budget curve will shift to the]]>
			</text>
		</questiontext>
		<generalfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</generalfeedback>
		<defaultgrade>1</defaultgrade>
		<penalty>0.0000000</penalty>
		<hidden>0</hidden>
		<shuffleanswers>true</shuffleanswers>
		<answernumbering>ABCD</answernumbering>
		<single>true</single>
		<correctfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</correctfeedback>
		<partiallycorrectfeedback format="html">
			<text></text>
		</partiallycorrectfeedback>
		<incorrectfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</incorrectfeedback>
		<answer fraction="0" format="html">
			<text>
				<![CDATA[right but the slope will be different than before.]]>
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					<![CDATA[]]>
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			</feedback>
		</answer>
		<answer fraction="0" format="html">
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				<![CDATA[left but the slope will be different than before.]]>
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					<![CDATA[]]>
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			</feedback>
		</answer>
		<answer fraction="0" format="html">
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				<![CDATA[right with the same slope.]]>
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					<![CDATA[]]>
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				<![CDATA[left with the same slope.]]>
			</text>
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					<![CDATA[]]>
				</text>
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		</answer>
	</question>
	<question type="multichoice">
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			<text>
				<![CDATA[Mb9frank 3-36]]>
			</text>
		</name>
		<questiontext format="html">
			<text>
				<![CDATA[Say Anna chooses between partying and studying. Supposed her indifference curves satisfied all the assumptions about consumer theory, but she also liked studying a lot more than partying. If the price of studying increased, then Anna would consume]]>
			</text>
		</questiontext>
		<generalfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</generalfeedback>
		<defaultgrade>1</defaultgrade>
		<penalty>0.0000000</penalty>
		<hidden>0</hidden>
		<shuffleanswers>true</shuffleanswers>
		<answernumbering>ABCD</answernumbering>
		<single>true</single>
		<correctfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</correctfeedback>
		<partiallycorrectfeedback format="html">
			<text></text>
		</partiallycorrectfeedback>
		<incorrectfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</incorrectfeedback>
		<answer fraction="0" format="html">
			<text>
				<![CDATA[the same as before.]]>
			</text>
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					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
		<answer fraction="100" format="html">
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				<![CDATA[less studying and more partying.]]>
			</text>
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					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
		<answer fraction="0" format="html">
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				<![CDATA[more studying and less partying.]]>
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					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
		<answer fraction="0" format="html">
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				<![CDATA[no partying at all, in order to consumer more studying.]]>
			</text>
			<feedback format="html">
				<text>
					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
	</question>
	<question type="multichoice">
		<name>
			<text>
				<![CDATA[Mb9frank 3-37]]>
			</text>
		</name>
		<questiontext format="html">
			<text>
				<![CDATA[The indifference curves for nickels and dimes will be]]>
			</text>
		</questiontext>
		<generalfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</generalfeedback>
		<defaultgrade>1</defaultgrade>
		<penalty>0.0000000</penalty>
		<hidden>0</hidden>
		<shuffleanswers>true</shuffleanswers>
		<answernumbering>ABCD</answernumbering>
		<single>true</single>
		<correctfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</correctfeedback>
		<partiallycorrectfeedback format="html">
			<text></text>
		</partiallycorrectfeedback>
		<incorrectfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</incorrectfeedback>
		<answer fraction="0" format="html">
			<text>
				<![CDATA[concave.]]>
			</text>
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				<text>
					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
		<answer fraction="0" format="html">
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				<![CDATA[a straight line with positive slope.]]>
			</text>
			<feedback format="html">
				<text>
					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
		<answer fraction="100" format="html">
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				<![CDATA[a straight line with negative slope.]]>
			</text>
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				<text>
					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
		<answer fraction="0" format="html">
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				<![CDATA[L-shaped.]]>
			</text>
			<feedback format="html">
				<text>
					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
	</question>
	<question type="multichoice">
		<name>
			<text>
				<![CDATA[Mb9frank 3-38]]>
			</text>
		</name>
		<questiontext format="html">
			<text>
				<![CDATA[Say a consumer considered soy milk and skim milk perfect substitutes of each other at a ratio of 1&#58;1. If the skim milk is cheaper than soy milk this consumer would buy]]>
			</text>
		</questiontext>
		<generalfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</generalfeedback>
		<defaultgrade>1</defaultgrade>
		<penalty>0.0000000</penalty>
		<hidden>0</hidden>
		<shuffleanswers>false</shuffleanswers>
		<answernumbering>ABCD</answernumbering>
		<single>true</single>
		<correctfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</correctfeedback>
		<partiallycorrectfeedback format="html">
			<text></text>
		</partiallycorrectfeedback>
		<incorrectfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</incorrectfeedback>
		<answer fraction="100" format="html">
			<text>
				<![CDATA[just skim milk.]]>
			</text>
			<feedback format="html">
				<text>
					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
		<answer fraction="0" format="html">
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				<![CDATA[some of both goods, but more skim milk.]]>
			</text>
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					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
		<answer fraction="0" format="html">
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				<![CDATA[some of both goods but more soy milk.]]>
			</text>
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					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
		<answer fraction="0" format="html">
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				<![CDATA[we can't really say with the information given.]]>
			</text>
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					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
	</question>
	<question type="multichoice">
		<name>
			<text>
				<![CDATA[Mb9frank 3-39]]>
			</text>
		</name>
		<questiontext format="html">
			<text>
				<![CDATA[The indifference curves for right shoes and left shoes will be&#58;]]>
			</text>
		</questiontext>
		<generalfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</generalfeedback>
		<defaultgrade>1</defaultgrade>
		<penalty>0.0000000</penalty>
		<hidden>0</hidden>
		<shuffleanswers>true</shuffleanswers>
		<answernumbering>ABCD</answernumbering>
		<single>true</single>
		<correctfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</correctfeedback>
		<partiallycorrectfeedback format="html">
			<text></text>
		</partiallycorrectfeedback>
		<incorrectfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</incorrectfeedback>
		<answer fraction="0" format="html">
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				<![CDATA[convex.]]>
			</text>
			<feedback format="html">
				<text>
					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
		<answer fraction="100" format="html">
			<text>
				<![CDATA[L-shaped.]]>
			</text>
			<feedback format="html">
				<text>
					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
		<answer fraction="0" format="html">
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				<![CDATA[a straight line with positive slope.]]>
			</text>
			<feedback format="html">
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					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
		<answer fraction="0" format="html">
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				<![CDATA[a straight line with negative slope.]]>
			</text>
			<feedback format="html">
				<text>
					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
	</question>
	<question type="multichoice">
		<name>
			<text>
				<![CDATA[Mb9frank 3-40]]>
			</text>
		</name>
		<questiontext format="html">
			<text>
				<![CDATA[Say a consumer always consumed peanut butter and jelly in fixed proportions (for a perfect peanut and jelly sandwich). Then the indifference curves for peanut butter and jelly for this consumer would be]]>
			</text>
		</questiontext>
		<generalfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</generalfeedback>
		<defaultgrade>1</defaultgrade>
		<penalty>0.0000000</penalty>
		<hidden>0</hidden>
		<shuffleanswers>true</shuffleanswers>
		<answernumbering>ABCD</answernumbering>
		<single>true</single>
		<correctfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</correctfeedback>
		<partiallycorrectfeedback format="html">
			<text></text>
		</partiallycorrectfeedback>
		<incorrectfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</incorrectfeedback>
		<answer fraction="0" format="html">
			<text>
				<![CDATA[a straight line with positive slope.]]>
			</text>
			<feedback format="html">
				<text>
					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
		<answer fraction="0" format="html">
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				<![CDATA[a straight line with negative slope.]]>
			</text>
			<feedback format="html">
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					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
		<answer fraction="0" format="html">
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				<![CDATA[convex.]]>
			</text>
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					<![CDATA[]]>
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			</feedback>
		</answer>
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				<![CDATA[L-shaped.]]>
			</text>
			<feedback format="html">
				<text>
					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
	</question>
	<question type="multichoice">
		<name>
			<text>
				<![CDATA[Mb9frank 3-41]]>
			</text>
		</name>
		<questiontext format="html">
			<text>
				<![CDATA[Say a consumer is choosing between wine and cheese. The price of wine is 10 and the price of cheese is 5. If the marginal rate of substitution is 4, and if wine is on the horizontal axis and cheese is on the vertical axis then the consumer is purchasing]]>
			</text>
		</questiontext>
		<generalfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</generalfeedback>
		<defaultgrade>1</defaultgrade>
		<penalty>0.0000000</penalty>
		<hidden>0</hidden>
		<shuffleanswers>true</shuffleanswers>
		<answernumbering>ABCD</answernumbering>
		<single>true</single>
		<correctfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</correctfeedback>
		<partiallycorrectfeedback format="html">
			<text></text>
		</partiallycorrectfeedback>
		<incorrectfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</incorrectfeedback>
		<answer fraction="0" format="html">
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				<![CDATA[just the right amount of both goods.]]>
			</text>
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					<![CDATA[]]>
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			</feedback>
		</answer>
		<answer fraction="100" format="html">
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				<![CDATA[too much cheese.]]>
			</text>
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					<![CDATA[]]>
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			</feedback>
		</answer>
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				<![CDATA[too much wine.]]>
			</text>
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					<![CDATA[]]>
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			</feedback>
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		<answer fraction="0" format="html">
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				<![CDATA[purchasing more than what her income would allow.]]>
			</text>
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				<text>
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				</text>
			</feedback>
		</answer>
	</question>
	<question type="multichoice">
		<name>
			<text>
				<![CDATA[Mb9frank 3-42]]>
			</text>
		</name>
		<questiontext format="html">
			<text>
				<![CDATA[Say a consumer is choosing between red wine and white wine. The price of red wine is 20 and the price of white wine is 10. If the marginal rate of substitution is 1, and if red wine is on the horizontal axis then the consumer is purchasing&#58;]]>
			</text>
		</questiontext>
		<generalfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</generalfeedback>
		<defaultgrade>1</defaultgrade>
		<penalty>0.0000000</penalty>
		<hidden>0</hidden>
		<shuffleanswers>true</shuffleanswers>
		<answernumbering>ABCD</answernumbering>
		<single>true</single>
		<correctfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</correctfeedback>
		<partiallycorrectfeedback format="html">
			<text></text>
		</partiallycorrectfeedback>
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			<text>
				<![CDATA[]]>
			</text>
		</incorrectfeedback>
		<answer fraction="0" format="html">
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				<![CDATA[Too much white wine]]>
			</text>
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					<![CDATA[]]>
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			</feedback>
		</answer>
		<answer fraction="0" format="html">
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				<![CDATA[More than what her income would allow]]>
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					<![CDATA[]]>
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			</feedback>
		</answer>
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				<![CDATA[Too much red wine]]>
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					<![CDATA[]]>
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			</feedback>
		</answer>
		<answer fraction="0" format="html">
			<text>
				<![CDATA[Just the right amount of both goods]]>
			</text>
			<feedback format="html">
				<text>
					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
	</question>
	<question type="multichoice">
		<name>
			<text>
				<![CDATA[Mb9frank 3-43]]>
			</text>
		</name>
		<questiontext format="html">
			<text>
				<![CDATA[Suppose your parents are thinking of buying you a brand new car as a graduation present. Economists would argue that it would be better if&#58;]]>
			</text>
		</questiontext>
		<generalfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</generalfeedback>
		<defaultgrade>1</defaultgrade>
		<penalty>0.0000000</penalty>
		<hidden>0</hidden>
		<shuffleanswers>true</shuffleanswers>
		<answernumbering>ABCD</answernumbering>
		<single>true</single>
		<correctfeedback format="html">
			<text>
				<![CDATA[]]>
			</text>
		</correctfeedback>
		<partiallycorrectfeedback format="html">
			<text></text>
		</partiallycorrectfeedback>
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				<![CDATA[]]>
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		</incorrectfeedback>
		<answer fraction="0" format="html">
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				<![CDATA[They ask you for what kind of car you want first and then buy it for you]]>
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				</text>
			</feedback>
		</answer>
		<answer fraction="0" format="html">
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				<![CDATA[You sell the car to someone else right away in exchange for the cash]]>
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					<![CDATA[]]>
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			</feedback>
		</answer>
		<answer fraction="0" format="html">
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				<![CDATA[They gave you a cash gift equal to the value of the car long as you really don't have much use for a car right now]]>
			</text>
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				<text>
					<![CDATA[]]>
				</text>
			</feedback>
		</answer>
		<answer fraction="100" format="html">
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				<![CDATA[They gave you a cash gift equal to the value of the car regardless of how much you need a car right now]]>
			</text>
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		</answer>
	</question>
</quiz>
