Utility
Authored by Neil Garry
Social Studies, Business, Other
10th Grade
Used 29+ times
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9 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
In an economic context, Utility means…
Sadness
Satisfaction
Demand
2.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
How many more does “marginal” utility refer to?
Smores
Some more
2 more
1 more
3.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
The Law of Diminishing Marginal Utility state that:
As an increasing amount of a good is consumed eventually a point will be reached where the total utility will start to decline
As an increasing amount of a good is consumed eventually a point will be reached where the marginal utility will start to decline
As a decreasing amount of utility is increased eventually an increase will decrease its increase
As you eat more and more of a cake the better life gets
4.
MULTIPLE CHOICE QUESTION
2 mins • 5 pts
Calculate the utility
6
6 utils
5
5 utils
5.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
What set of calculated numbers in the correct set?
25, 20, 20, 5, 2
130, 255, 400, 550,690
35, 20, 15, 10, 5
2, 3, 4, 5, 6
6.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
At what point does diminishing Marginal utility set in?
On unit 1
On unit 2
On unit 3
On unit 4
7.
MULTIPLE SELECT QUESTION
1 min • 5 pts
Which 3 of these are assumptions underlying the Law of Diminishing Marginal utility?
No time has elapsed between consumption of units
A minimum amount of time must have elapsed
A certain minimum must be consumed
It only applies on Wednesdays
It doesn’t apply to addictive goods
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