READING MARATHON EXAM ECOMS

1. Which of the following statements about utility is correct?

   1. a.One of the main characteristics of utility is that it is a relative concept

   2. b. One of the main characteristics of utility is that it is a subjective concept

   3. c. One of the main characteristics of utility is that it is a psychological phenomenon

   4. d. All of the above

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1. Theory question

State the law of diminishing marginal utility

1. Which of the following concepts is true?

   1. a. The ability to satisfy the human wants in a good or service is called its satisfaction

   2. b. The ability to satisfy the human wants in a good or service is called its productivity

   3. c. The ability to satisfy the human wants in a good or service is called its profitability

   4. d. The ability to satisfy the human wants in a good or service is called its utility

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1. Theory question

What is the Theory of Consumer Behaviour?

1. Which of the following statements is true about the law of equi-marginal utility?

   1. a. The law of equi-marginal utility is known as the law of decreasing utility

   2. b. The law of equi-marginal utility is known as the law of increasing utility

   3. c. The law of equi-marginal utility is known as the law of substitution

   4. d. The law of equi-marginal utility is known as the law of contribution

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Theory question

Who is a Customer?

1. Which of the following statements about the addition of utilities is correct?

   1. a. The addition of utility that is obtained from all the units of a good or service is called the total utility

   2. b. The addition of utility that is obtained from all the units of a good or service is called the additional utility

   3. c. The addition of utility that is obtained from all the units of a good or service is called the marginal utility

   4. d. The addition of utility that is obtained from all the units of a good or service is called the maximum satisfaction

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Who is a Consumer?

1. Which of the following statements is true?

   1. a. The capability of any commodity to satisfy human wants is known as utility

   2. b. The capability of any commodity to satisfy human wants is known as taste

   3. c. The capability of any commodity to satisfy human wants is known as consumption

   4. d. The capability of any commodity to satisfy human wants is known as quality

1. Note: every objective question has it's theory, kindly sent the theory answer to the following e-mail

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What is marginal utility?

1. Which of the following about the relationship between marginal utility and price is correct?

   1. a. The marginal utility of a commodity or service must be equal to its price to ensure maximum satisfaction of the consumer

   2. b. The marginal utility of a commodity or service must be greater than its price to ensure maximum satisfaction of the consumer

   3. c. The marginal utility of a commodity or service must be lesser than its price to ensure maximum satisfaction of the consumer

   4. d. There is no relationship between the marginal utility of a commodity or service and its price

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Theory question

list 10 examples of form utility

1. Which of the following is true about the relationship between total utility and marginal utility?

   1. a. The total utility of a product or service is maximum when the marginal utility is negative

   2. b. The total utility of a product or service decreases when the marginal utility is negative

   3. c. The total utility of a product or service increases at a decreasing rate when the marginal utility is negative

   4. d. None of the above

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Theory question

list types of utility

2. Marginal utility diminishes, as consumption of commodity ________. (a. increases/ b. decreases/ c. remains constant/ d. become zero)

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4. Theory questions

Define the following, Time, total, place utility

_________________ utility is the utility derived from the last unit of the commodity consumed. (a. Average b. Total c. Marginal d. Zero)

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What actually define high value of a product?

1. Which of the following statements is correct?

   1. a. Goods that can be used alternatively to each other are known as substitute goods

   2. b. Goods that can be used alternatively to each other are known as comfort goods

   3. c. Goods that can be used alternatively to each other are known as complementary goods

   4. d. All of the above

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3. theory question

1. form utility and be seen in?