Jeopardy Questions. As in the popular television game show, you are given an answer to a question and you must respond with the question. For example, if the answer is "a tax on imports," then the correct question is "What is a tariff?"
a. This happens to the demand for cheese if the price ratio PC/PW rises.
b. This happens to the demand for cheese if one kilogram of cheese now trades for one liter of wine rather than two liters.
c. This happens to the demand for cheese if one liter of wine now trades for three kilograms of cheese rather than four kilograms.
d. With homothetic preferences, the ratio of consumer demands of wine to cheese will equal this other ratio.