4.1.2.1  Utility Theory VIDEO

4.1.2.1 Utility Theory VIDEO

Professional Development

15 Qs

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4.1.2.1  Utility Theory VIDEO

4.1.2.1 Utility Theory VIDEO

Assessment

Interactive Video

Social Studies

Professional Development

Practice Problem

Medium

Created by

James Hannaford

Used 2+ times

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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which economic agent is primarily focused on maximizing profits?

Workers

Firms

Governments

Consumers

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the term 'utility' refer to in economic context?

Cost

Supply

Demand

Satisfaction

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary goal of consumers according to neoclassical economic theory?

Maximizing profits

Maximizing utility

Maximizing production

Minimizing costs

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How is marginal utility calculated?

Total utility divided by quantity

Total utility minus cost

Average utility times quantity

Extra utility from one more unit

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the law of diminishing utility state?

Demand decreases as utility increases

Supply increases as utility decreases

Utility increases as price increases

Utility decreases as consumption increases

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

At what point is total utility maximized according to the video?

When average utility is maximized

When total utility equals price

When marginal utility is at its peak

When marginal utility is zero

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does a negative marginal utility indicate about consumer satisfaction?

Constant satisfaction

No change in satisfaction

Increasing satisfaction

Decreasing satisfaction

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