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5. True/False Questions. For each of the following statements, write True if the statement is true, and False if the statement is false. (10 Points) 5.1 An indifference curve represents consumption bundles among which the consumer is indifferent. 5.2 An indifference curve is bowed out like the production possibility frontier. 5.3 When MUP1 = MU2/P2, the indifference curve and budget line are necessarily tangent. 5.4 All consumers have the same indifference curves. 5.5 If all prices double, your budget line will shift halfway back to the origin. 2 5.6 As the price of food changes, the budget line shifts out to the right. 5.7 The slope at any point on an indifference curve measures the relative marginal utilities of the two goods at that point. 5.8 If your income is halved, your budget line will shift twice as far from the origin in a parallel way. 5.9 The slope of the indifference curve measures the terms on which the consumer would be willing to trade one good for another. 5.10 The elasticity of the budget line equals the price ratio of the two goods