Consumer Behaviour (Economics)

Consumer Behaviour (Economics)

University

10 Qs

quiz-placeholder

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Consumer Behaviour (Economics)

Consumer Behaviour (Economics)

Assessment

Quiz

Business

University

Practice Problem

Medium

Created by

Economics FEC0024

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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Total utility is maximum when marginal utility is ____.

positive

maximum

zero

negative

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Marginal utility is best defined as ratio of________.

total quantity consumed to total utility

total utility to total quantity consumed

changes in total quantity consumed to change in total utility

ratio of changes in total utility to change in quantity consumed

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The law of diminishing marginal utility implies that as a person consumes more and more of a given good _______.

MU will decline

TU will fall and then rise

MU become negative

TU will decline

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This is the following characteristics of indifference curve except ________.

it is a negative slope

the IC on the right yields higher satisfaction

the IC will always intersect

the IC is convex to the origin

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The higher the position of the indifference curve from its initial point means ________.

minimum level of satisfaction

there is no difference in the level of satisfaction

the level of satisfaction is higher

the level satisfaction is zero

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A consumer will maximize utility by consuming on the highest possible indifference curve.

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the indifference curve is cross to the budget line, this will result in consumer equilibrium.

True

False

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