ECON 115A University of California Irvine Utility Maximization Model Economics MCQs

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Quiz: Homework 1
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UCI
Syllabus
Question 1
1 pts
Canvas
Quizzes
Modules
Account
BigBlueButton
(Conferences)
1. Let be a preference over some consumption set X, and > be the corresponding
strict preference. Which of the following situations may be true in the utility
maximization model?
Dashboard
Collaborations
Chat
Courses
(A) X Y Z #
(B) x > y and yx
(C) x >y>23
(D) none of the above.
Zoom
28
Groups
??
Calendar
OB
Inbox
OC
OD
History
Help
Question 2
1 pts
2. Let be a preference over some consumption set X, ~ be the corresponding
indifference, and ? the incomparability relation. Which of the following situations may
be true in the utility maximization model?
(A) < y23 (B) x ~ y and y> 3
(C) x?y
(D) none of the above.
It
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Quiz: Homework 1
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UCI
Canvas
2. Let be a preference over some consumption set X, ~ be the corresponding
indifference, and ? the incomparability relation. Which of the following situations may
be true in the utility maximization model?
Account
Dashboard
(A) x y z
(B) x ~y and y
(C) x?y
(D) none of the above.
Courses
28
Groups
??
OB
Calendar
OC
OD
Inbox
History
Question 3
1 pts
Help
3. Let C be a choice function. Which of the following situations CANNOT be true in
the utility maximization model?
(A) C(x, y, z) = x and C(y, z) = z;
(B) C(x, y, z) = z and C(y, 2) = y;
(C) C(x, y, z) = y and C(y, z) = y;
(D) All of the above.
OA
It
OB
Quiz: Homework 1
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Canvas
Account
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Question 3
1 pts
Dashboard
3. Let C be a choice function. Which of the following situations CANNOT be true in
the utility maximization model?
Courses
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28
Groups
(A) C(x, y, z) = x and C(y, z) = 2;
(B) C(x, y, z) = z and C(y, 2) = y;
(C) C(x, y, z) = y and C(y, z) = y;
Calendar
(D) All of the above.
Inbox
OA
History
OB
OC
Help
OS
Question 4
1 pts
4. An employee saves 10% of her monthly income to her pension account. This choice
is best described by
A) selfishness;
(B) semiorder;
It
(C) Cobb-Douglas utility function;
Quiz: Homework 1
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UCI
Canvas
OA
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Account
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OS
Dashboard
Courses
Question 4
1 pts
28
Groups
Calendar
4. An employee saves 10% of her monthly income to her pension account. This choice
is best described by
Inbox
A) selfishness;
(B) semiorder;
History
(C) Cobb-Douglas utility function;
(D) prospect theory.
Help
??
OB
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OD
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Question 5
1 pts
K
5. Increasing the number of available options in a menu can
Quiz: Homework 1
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(C) Cobb-Douglas utility function;
UCI
Canvas
(D) prospect theory.
??
Account
OB
Dashboard
OC
OD
Courses
28
Groups
D
Question 5
1 pts
Calendar
Inbox
5. Increasing the number of available options in a menu can
(A) produce choice avoidance:
(B) make people feel less happy;
(C) produce context effects;
(D) all of the above.
History
Help
??
OB
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OD
Question 6
U
1 pts
It
6. A phone company sells three models of phones at prices $300, $400, and $500.
When it adds another model at a price $200, the sales of the $300-phone double.
Quiz: Homework 1
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X
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1 Minute, 12 Seconds
ries
UCI
Syllabus
Question 1
1 pts
Canvas
Quizzes
Modules
Account
BigBlueButton
(Conferences)
1. Let be a preference over some consumption set X, and > be the corresponding
strict preference. Which of the following situations may be true in the utility
maximization model?
Dashboard
Collaborations
Chat
Courses
(A) X Y Z #
(B) x > y and yx
(C) x >y>23
(D) none of the above.
Zoom
gol e malo of
Groups
??
Calendar
OB
Inbox
OC
OD
History
Question 2
1 pts
2. Let be a preference over some consumption set X, ~ be the corresponding
indifference, and ? the incomparability relation. Which of the following situations may
be true in the utility maximization model?
(A) < y23 (B) x ~ y and y> 3
(C) x?y
(D) none of the above.
It
??
Quiz: Homework 1
X
+

X
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canvas.eee.uci.edu/courses/40411/quizzes/192063/take
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UCI Applicant Status…
canvans UCI
UCI
Canvas
2. Let be a preference over some consumption set X, ~ be the corresponding
indifference, and ? the incomparability relation. Which of the following situations may
be true in the utility maximization model?
Account
Dashboard
(A) x y z
(B) x ~y and y
(C) x?y
(D) none of the above.
Courses
gol e malo of
Groups
??
OB
Calendar
OC
OD
Inbox
History
Question 3
1 pts
3. Let C be a choice function. Which of the following situations CANNOT be true in
the utility maximization model?
(A) C(x, y, z) = x and C(y, z) = z;
(B) C(x, y, z) = z and C(y, 2) = y;
(C) C(x, y, z) = y and C(y, z) = y;
(D) All of the above.
OA
It
OB
Quiz: Homework 1
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OD
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Question 3
1 pts
Dashboard
3. Let C be a choice function. Which of the following situations CANNOT be true in
the utility maximization model?
=
g Ol balo al ol of
(A) C(x, y, z) = x and C(y, z) = 2;
(B) C(x, y, z) = z and C(y, 2) = y;
(C) C(x, y, z) = y and C(y, z) = y;
(D) All of the above.
OA
OB
OC
OS
Question 4
1 pts
4. An employee saves 10% of her monthly income to her pension account. This choice
is best described by
A) selfishness;
(B) semiorder;
It
(C) Cobb-Douglas utility function;
Quiz: Homework 1
X
+

X
C D
canvas.eee.uci.edu/courses/40411/quizzes/192063/take
M M Gmail
? YouTube
??
??
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? ????,????
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Pasadena City Col… UCI Applicant Status…
#M – FACT.com xyingyushu
(D) AI UI Lie duuve.
canvans UCI
UCI
Canvas
OA
OB
Account
??
OS
Dashboard
Courses
gol e malo of
Question 4
1 pts
Groups
Calendar
4. An employee saves 10% of her monthly income to her pension account. This choice
is best described by
Inbox
A) selfishness;
(B) semiorder;
History
(C) Cobb-Douglas utility function;
(D) prospect theory.
??
OB
??
OD
u
Question 5
1 pts
K
5. Increasing the number of available options in a menu can
Quiz: Homework 1
X
+

X
C D
canvas.eee.uci.edu/courses/40411/quizzes/192063/take
M M Gmail
? YouTube
??
GEN
? ????,????
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– FACT.com yingyushu New Tab
(C) Cobb-Douglas utility function;
UCI
Canvas
(D) prospect theory.
??
Account
OB
Dashboard
OC
OD
Courses
gol e malo of
Groups
D
Question 5
1 pts
Calendar
Inbox
5. Increasing the number of available options in a menu can
(A) produce choice avoidance:
(B) make people feel less happy;
(C) produce context effects;
(D) all of the above.
History
??
OB
??
OD
a
Question 6
U
1 pts
It
6. A phone company sells three models of phones at prices $300, $400, and $500.
When it adds another model at a price $200, the sales of the $300-phone double.
Quiz: Homework 1
X
+

X
C D
canvas.eee.uci.edu/courses/40411/quizzes/192063/take
M M Gmail
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Canvas
OC
OD
Account
Dashboard
Question 10
1 pts
U
Courses
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Groups
10. Standard economic models
(A) prescribe how rational people should make their choices;
(B) accurately describe how people make choices in experiments;
(C) assert that people should be altruistic;
(D) all of the above.
Calendar
Inbox
??
History
OB
??
OD
D
Question
1 pts
11. Behavioral economic models
(A) prescribe how rational people should make their choices;
(B) require utility maximization;
(C) fit experimental data better than standard models;
(D) none of the above.
It
Quiz: Homework 1
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Pasadena City Col… UCI Applicant Status…
canvans UCI
1 Minute, 12 Seconds
ries
UCI
Syllabus
Question 1
1 pts
Canvas
Quizzes
Modules
Account
BigBlueButton
(Conferences)
1. Let be a preference over some consumption set X, and > be the corresponding
strict preference. Which of the following situations may be true in the utility
maximization model?
Dashboard
Collaborations
Chat
Courses
(A) X Y Z #
(B) x > y and yx
(C) x >y>23
(D) none of the above.
Zoom
gol e malo of
Groups
??
Calendar
OB
Inbox
OC
OD
History
Question 2
1 pts
2. Let be a preference over some consumption set X, ~ be the corresponding
indifference, and ? the incomparability relation. Which of the following situations may
be true in the utility maximization model?
(A) < y23 (B) x ~ y and y> 3
(C) x?y
(D) none of the above.
It
??
Quiz: Homework 1
X
+

X
C D
canvas.eee.uci.edu/courses/40411/quizzes/192063/take
M M Gmail
? YouTube
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EM – FACT.com xyingyushu
New Tab
? ????,????
op.gg
Pasadena City Col…
UCI Applicant Status…
canvans UCI
UCI
Canvas
2. Let be a preference over some consumption set X, ~ be the corresponding
indifference, and ? the incomparability relation. Which of the following situations may
be true in the utility maximization model?
Account
Dashboard
(A) x y z
(B) x ~y and y
(C) x?y
(D) none of the above.
Courses
gol e malo of
Groups
??
OB
Calendar
OC
OD
Inbox
History
Question 3
1 pts
3. Let C be a choice function. Which of the following situations CANNOT be true in
the utility maximization model?
(A) C(x, y, z) = x and C(y, z) = z;
(B) C(x, y, z) = z and C(y, 2) = y;
(C) C(x, y, z) = y and C(y, z) = y;
(D) All of the above.
OA
It
OB
Quiz: Homework 1
X
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X
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canvas.eee.uci.edu/courses/40411/quizzes/192063/take
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OD
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Question 3
1 pts
Dashboard
3. Let C be a choice function. Which of the following situations CANNOT be true in
the utility maximization model?
=
g Ol balo al ol of
(A) C(x, y, z) = x and C(y, z) = 2;
(B) C(x, y, z) = z and C(y, 2) = y;
(C) C(x, y, z) = y and C(y, z) = y;
(D) All of the above.
OA
OB
OC
OS
Question 4
1 pts
4. An employee saves 10% of her monthly income to her pension account. This choice
is best described by
A) selfishness;
(B) semiorder;
It
(C) Cobb-Douglas utility function;
Quiz: Homework 1
X
+

X
C D
canvas.eee.uci.edu/courses/40411/quizzes/192063/take
M M Gmail
? YouTube
??
??
New Tab
? ????,????
op.gg
Pasadena City Col… UCI Applicant Status…
#M – FACT.com xyingyushu
(D) AI UI Lie duuve.
canvans UCI
UCI
Canvas
OA
OB
Account
??
OS
Dashboard
Courses
gol e malo of
Question 4
1 pts
Groups
Calendar
4. An employee saves 10% of her monthly income to her pension account. This choice
is best described by
Inbox
A) selfishness;
(B) semiorder;
History
(C) Cobb-Douglas utility function;
(D) prospect theory.
??
OB
??
OD
u
Question 5
1 pts
K
5. Increasing the number of available options in a menu can
Quiz: Homework 1
X
+

X
C D
canvas.eee.uci.edu/courses/40411/quizzes/192063/take
???
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YouTube
te
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EM – FACT.com yingyushu
New Tab
? ????,????
op.gg
Pasadena City Col… UCI Applicant Status…
canvans UCI
1 Minute, 12 Seconds
ries
UCI
Syllabus
Question 1
1 pts
Canvas
Quizzes
Modules
Account
BigBlueButton
(Conferences)
1. Let be a preference over some consumption set X, and > be the corresponding
strict preference. Which of the following situations may be true in the utility
maximization model?
Dashboard
Collaborations
Chat
Courses
(A) X Y Z #
(B) x > y and yx
(C) x >y>23
(D) none of the above.
Zoom
gol e malo of
Groups
??
Calendar
OB
Inbox
OC
OD
History
Question 2
1 pts
2. Let be a preference over some consumption set X, ~ be the corresponding
indifference, and ? the incomparability relation. Which of the following situations may
be true in the utility maximization model?
(A) < y23 (B) x ~ y and y> 3
(C) x?y
(D) none of the above.
It
??
Quiz: Homework 1
X
+

X
C D
canvas.eee.uci.edu/courses/40411/quizzes/192063/take
M M Gmail
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CE
New Tab
? ????,????
op.gg
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EN – FACT.com xyingyushu
(C) produce context effects;
(D) all of the above.
UCI
Canvas
OA
Account
OB
OC
Dashboard
OD
Courses
gol e malo of
Groups
Question 6
1 pts
Calendar
Inbox
6. A phone company sells three models of phones at prices $300, $400, and $500.
When it adds another model at a price $200, the sales of the $300-phone double.
This is best described as
(A) a context effect;
History
(B) intransitivity;
(C) framing;
(D) utility maximization.
??
OB
OC
OD
U
Question 7
1 pts
It
Quiz: Homework 1
X
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(D) utility maximization.
UCI
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Question 7
1 pts
Groups
Calendar
7. A good explanation for this scenario (in Question 6) is
(A) second-price heuristic;
(B) 1/n heuristic;
(C) satisficing;
(D) Cobb-Douglas utility.
Inbox
History
OA
OB
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OD
Question 8
1 pt
pts
8. Context effects can be generated by
(A) social rules;
(B) choice avoidance when “no choice” is viewed as another feasible alternative;
(C) 1/n-heuristic:
K
Quiz: Homework 1
X
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Dashboard
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Question 8
1 pts
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Calendar
8. Context effects can be generated by
(A) social rules;
(B) choice avoidance when “no choice” is viewed as another feasible alternative;
(C) 1/n-heuristic;
(D) all of the above.
Inbox
History
??
OB
OC
OD
Question 9
1 pts
9. A supermarket runs a promotion where each customer who buys a bottle of Coca-
Cola for $2, gets another bottle for free. The manager observes that the sales are
higher than when each bottle is sold separately at $1. This behavior is best described
It
as
A intrancitit
Quiz: Homework 1
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Dashboard
Question 9
1 pts
Courses
Groups
Calendar
9. A supermarket runs a promotion where each customer who buys a bottle of Coca-
Cola for $2, gets another bottle for free. The manager observes that the sales are
higher than when each bottle is sold separately at $1. This behavior is best described
as
(A) intransitivity;
(B) complexity;
(C) framing;
(D) a context effect.
Inbox
History
Help
??
OB
OC
OD
Question 10
1 pts
It
10. Standard economic models
(A) prescribe how rational people should make their choices;
Quiz: Homework 1
X
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X
C D
canvas.eee.uci.edu/courses/40411/quizzes/192063/take
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Pasadena City Col… UCI Applicant Status…
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UCI
OB
Canvas
OC
OD
Account
Dashboard
Question 10
1 pts
U
Courses
gol e malo of
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10. Standard economic models
(A) prescribe how rational people should make their choices;
(B) accurately describe how people make choices in experiments;
(C) assert that people should be altruistic;
(D) all of the above.
Calendar
Inbox
??
History
OB
??
OD
D
Question
1 pts
11. Behavioral economic models
(A) prescribe how rational people should make their choices;
(B) require utility maximization;
(C) fit experimental data better than standard models;
(D) none of the above.
It
Quiz: Homework 1
X
+

X
C D
canvas.eee.uci.edu/courses/40411/quizzes/192063/take
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Question 12
1 pts
Dashboard
Courses
12. Decision utility is consistent with
(A) framing;
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(B) satisficing procedure;
(C) context effects;
Calendar
(D) none of the above.
Inbox
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History
OB
??
OD
Question 13
1 pts
13. Experienced utility is
(A) used to describe individual choices;
(B) maximized by rational decision makers;
(C) accurately measured by neuroeconomic methods;
(D) none of the above.
It
Quiz: Homework 1
X
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X
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canvas.eee.uci.edu/courses/40411/quizzes/192063/take
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Question 13
1 pts
U
Dashboard
Courses
Groups
13. Experienced utility is
(A) used to describe individual choices;
(B) maximized by rational decision makers;
(C) accurately measured by neuroeconomic methods;
(D) none of the above.
Calendar
Inbox
??
OB
History
??
OD
Help
D
Question 14
1 pts
14. An Ebay seller sells a product at a $20 with $5 shipping. Then he raises the price
to $25, but
makes shipping FREE. His sales increase by 40%. This example illustrates
(A) a context effect;
(B) intransitivity;
(C) framing;
It
ini
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Quiz: Homework 1
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canvas.eee.uci.edu/courses/40411/quizzes/192063/take
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Question 14
1 pts
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14. An Ebay seller sells a product at a $20 with $5 shipping. Then he raises the price
to $25, but
makes shipping FREE. His sales increase by 40%. This example illustrates
(A) a context effect;
(B) intransitivity;
(C) framing;
(D) utility maximization.
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Question 15
1 pts
15. Bob has a toothache. To get some medical help, he calls local dentists in the
alphabetical order until he finds one that accepts his insurance. If he cannot find any
dentist who accepts his insurance, then he will pick the closest one. Bob’s algorithm
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(A) is inconsistent with utility maximization:
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Question 15
1 pts
Dashboard
15. Bob has a toothache. To get some medical help, he calls local dentists in the
alphabetical order until he finds one that accepts his insurance. If he cannot find any
dentist who accepts his insurance, then he will pick the closest one. Bob’s algorithm
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(A) is inconsistent with utility maximization;
(B) can produce context effects;
(C) is an example of procedural rationality;
(D) none of the above.
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Question 16
1 pts
16. Ann thinks about going to a vacation. The consumption space X consists of four
options:
Hawaii (H), Europe (E), the Caribbean (C), and staying at home (H). Her decision
utility
function is u(H) = -1000, u(E) = –2000, u(C) = -10000. The utility of
staying at home is
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Question 16
1 pts
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gol e malo of
Groups
16. Ann thinks about going to a vacation. The consumption space X consists of four
options:
Hawaii (H), Europe (E), the Caribbean (C), and staying at home (H). Her decision
utility
function is u(H) = -1000, 4(E) = –2000, u(C) = -10000. The utility of
staying at home is
u(H) = -3000. Then
(A) she should go to Hawaii whenever it is feasible;
(B) she should not select Europe in any menu because the utility is negative;
(C) Ann’s preferences are not transitive;
(D) none of the above.
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Question 17
1 pts
17. The standard utility maximization model implies
(A) transitivity;
(B) completeness;
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Clinvariance to framing.
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Question 17
1 pts
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17. The standard utility maximization model implies
(A) transitivity;
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(B) completeness;
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(C) invariance to framing;
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(D) all of the above.
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History
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Question 18
1 pts
18. Which of the following behaviors is consistent with utility maximization?
(A) 1/n heuristics;
(B) framing;
(C) context effects;
(D) none of the above.
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(D) all of the above.
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Question 18
1 pts
Calendar
18. Which of the following behaviors is consistent with utility maximization?
(A) 1/n heuristics;
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(B) framing;
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(C) context effects;
(D) none of the above.
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