Utility theory

Utility theory

12th Grade

•

36 Qs

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Utility theory

Utility theory

Assessment

Quiz

•

Social Studies

•

12th Grade

•

Practice Problem

•

Medium

Created by

Nicola Owen

Used 53+ times

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36 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If Ann gets 100 units of utility from reading a book and 500 units of utility from playing with her cat, we know that Ann

does not enjoy reading books

does not enjoy playing with her cat

prefers reading a book to playing with her cat

prefers playing with her cat to reading a book

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Utility is the

benefit or satisfaction that a person gets from the consumption of a good or service
measure of how useful a resource is in the production process
measure of productivity associated with a good or service
economic term for consumption possibilities

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

As more of a good is consumed, total utility

increases
decreases
remains the same
becomes negative and then turns positive

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Marginal utility is equal to which of the following

total income divided by the price of the product
the change in total utility from consuming one more unit of a good
the satisfaction obtained from consuming any number of units of a good
none of the above is correct

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The first four dinner rolls Joan consumes have total utility of 15, 27, 37, and 45 respectively. What is the marginal utility of the 4th dinner roll?

124 units of utility
45 units of utility
11.25 units of utility
8 units of utility

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Marginal utility curves describe a consumer's 

ability to buy goods
preferences
income
consumption

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The goal of a consumer is to

acquire the largest possible quantity of goods
acquire the largest possible variety of goods
maximize utility
save money

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