Vwl at TU München

Flashcards and summaries for Vwl at the TU München

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Study with flashcards and summaries for the course Vwl at the TU München

Exemplary flashcards for Vwl at the TU München on StudySmarter:

When an allocation of resources is Pareto Efficient...

Select the correct answers:

  1. All consumers are always satisfied with their consumption bundles

  2. Each consumer has the same utility from consumption

  3. Resources are allocated fairly

  4. No Pareto Improvement is possible

Exemplary flashcards for Vwl at the TU München on StudySmarter:

The opportunity cost of going to a concert is:

Select the correct answers:

  1. Voluntary decision to buy a ticket

  2. Cost of forgoing the next best alternative

  3. Ticket price

  4. The utility from going to the concert

Exemplary flashcards for Vwl at the TU München on StudySmarter:

Detlef has an absolute advantage in the production of döner if and only if:

Select the correct answers:

  1. He needs less time to produce one döner

  2. He is better at producing döner than pommes

  3. He produces fewer döner in an hour

  4. He needs more time to produce one döner

Exemplary flashcards for Vwl at the TU München on StudySmarter:

Professor has a comparative advantage at teaching if and only if:

Select the correct answers:

  1. He has a higher opportunity cost to hold a lecture

  2. None of above is correct

  3. He is the best teacher at the university

  4. He has a lower opportunity cost to hold a lecture

Exemplary flashcards for Vwl at the TU München on StudySmarter:

When consumer income increases:

Select the correct answers:

  1. Budget constraint shifts inwards

  2. Utility curve shifts outwards

  3. Utility curve shits inwards

  4. Budget constraint shifts outwards

Exemplary flashcards for Vwl at the TU München on StudySmarter:

Which statement about indifference curves of goods is NOT correct?

Select the correct answers:

  1. Consumers can rank all possible baskets/bundles

  2. Indifference curves never cross

  3. Utility changes along the curve

  4. Preferences are consistent

Exemplary flashcards for Vwl at the TU München on StudySmarter:

Perfect complements are:

Select the correct answers:

  1. Printer and ink

  2. Always inferior good

  3. Tomatoes and cars

  4. Coffee and tea

Exemplary flashcards for Vwl at the TU München on StudySmarter:

. As a consumer`s income increases, she will purchase more …, e.g. …:

Select the correct answers:

  1. Inferior goods; canned soups

  2. Ordinary goods; second-hand clothing

  3. Normal goods; Chanel handbags

  4. Inferior goods; technology equipment

Exemplary flashcards for Vwl at the TU München on StudySmarter:

If a good is normal, then a decrease in price will cause a substitution effect that is:

Select the correct answers:

  1. Negative and an income effect that is negative

  2. Positive and an income effect that is positive

  3. Positive and an income effect that is negative

  4. Negative and an income effect that is positive

Exemplary flashcards for Vwl at the TU München on StudySmarter:

What happens to the demand of a Giffen good when the price increases?

Select the correct answers:

  1. Demand decreases

  2. Demand drops to zero

  3. Demand stays the same

  4. Demand increases

Exemplary flashcards for Vwl at the TU München on StudySmarter:

When consumption decisions of individual consumers are inter-dependent, then:

Select the correct answers:

  1. Market demand is always inelastic

  2. Market demand curve will be steeper when there is a bandwagon effect

  3. Market demand curve will be more inelastic when there is a snob effect

  4. Market demand curve will be more elastic when there is a snob effect

Exemplary flashcards for Vwl at the TU München on StudySmarter:

What is scarcity?

Select the correct answers:

  1. The excess of a product on a market

  2. The result from needs exceeding resources

  3. The act of being scared

  4. The amount of goods and services consumers want

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Exemplary flashcards for Vwl at the TU München on StudySmarter:

Vwl

When an allocation of resources is Pareto Efficient...

  1. All consumers are always satisfied with their consumption bundles

  2. Each consumer has the same utility from consumption

  3. Resources are allocated fairly

  4. No Pareto Improvement is possible

Vwl

The opportunity cost of going to a concert is:

  1. Voluntary decision to buy a ticket

  2. Cost of forgoing the next best alternative

  3. Ticket price

  4. The utility from going to the concert

Vwl

Detlef has an absolute advantage in the production of döner if and only if:

  1. He needs less time to produce one döner

  2. He is better at producing döner than pommes

  3. He produces fewer döner in an hour

  4. He needs more time to produce one döner

Vwl

Professor has a comparative advantage at teaching if and only if:

  1. He has a higher opportunity cost to hold a lecture

  2. None of above is correct

  3. He is the best teacher at the university

  4. He has a lower opportunity cost to hold a lecture

Vwl

When consumer income increases:

  1. Budget constraint shifts inwards

  2. Utility curve shifts outwards

  3. Utility curve shits inwards

  4. Budget constraint shifts outwards

Vwl

Which statement about indifference curves of goods is NOT correct?

  1. Consumers can rank all possible baskets/bundles

  2. Indifference curves never cross

  3. Utility changes along the curve

  4. Preferences are consistent

Vwl

Perfect complements are:

  1. Printer and ink

  2. Always inferior good

  3. Tomatoes and cars

  4. Coffee and tea

Vwl

. As a consumer`s income increases, she will purchase more …, e.g. …:

  1. Inferior goods; canned soups

  2. Ordinary goods; second-hand clothing

  3. Normal goods; Chanel handbags

  4. Inferior goods; technology equipment

Vwl

If a good is normal, then a decrease in price will cause a substitution effect that is:

  1. Negative and an income effect that is negative

  2. Positive and an income effect that is positive

  3. Positive and an income effect that is negative

  4. Negative and an income effect that is positive

Vwl

What happens to the demand of a Giffen good when the price increases?

  1. Demand decreases

  2. Demand drops to zero

  3. Demand stays the same

  4. Demand increases

Vwl

When consumption decisions of individual consumers are inter-dependent, then:

  1. Market demand is always inelastic

  2. Market demand curve will be steeper when there is a bandwagon effect

  3. Market demand curve will be more inelastic when there is a snob effect

  4. Market demand curve will be more elastic when there is a snob effect

Vwl

What is scarcity?

  1. The excess of a product on a market

  2. The result from needs exceeding resources

  3. The act of being scared

  4. The amount of goods and services consumers want

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Other courses from your degree program

For your degree program Technology And Management-Oriented Business Administration (Tum-Bwl) at the TU München there are already many courses on StudySmarter, waiting for you to join them. Get access to flashcards, summaries, and much more.

Back to TU München overview page

Empirical Research Methods

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Introduction to entrepreneurship

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InfoManagement

19_Information Management for Digital Business Models

Business Law II

Networks for Monetary Transactions

Kostenrechnung

Production Management

Logistik & Supply Chain Management

Empirical Research Methods

WPR 2 Pfandrecht

Information Management for Digital Business Models

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