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Economics 06/11/24

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Economics 06/11/24
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40 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best defines marginal utility?

The total satisfaction from consuming a good

The satisfaction gained from consuming one additional unit of a good

The satisfaction from the first unit of consumption only

The average satisfaction per unit consumed

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When total utility reaches its maximum, marginal utility is:

Positive

Negative

Zero

Equal to total utility

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An indifference curve is convex to the origin because:

Consumers prefer more to less

Marginal rate of substitution decreases as one moves down the curve

Utility is constant along the curve

Price of one good increases

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A budget line shows the:

Various combinations of goods that can be purchased given prices and income

Level of satisfaction from all combinations of two goods

Maximum utility that a consumer can achieve

Level of consumer income and savings

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a consumer moves from one point to another along an indifference curve, it indicates:

An increase in total utility

A change in income

No change in total utility

A shift in the budget line

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the price of one good decreases, the budget line:

Rotates outward on the axis of the cheaper good

Shifts parallel outward

Rotates inward on the axis of the cheaper good

Becomes steeper

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The point where the budget line is tangent to the indifference curve represents:

A maximum point of utility

A minimum expenditure point

The equilibrium consumption bundle

The income elasticity of demand

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