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Economic Utility

Authored by John Robinson

Social Studies

12th Grade

Economic Utility
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15 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

In an economic context, Utility means…

Sadness

Satisfaction

Demand

2.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

The Law of Diminishing Marginal Utility state that:

As an increasing amount of a good is consumed eventually a point will be reached where the total utility will start to decline

As an increasing amount of a good is consumed eventually a point will be reached where the marginal utility will start to decline

As a decreasing amount of utility is increased eventually an increase will decrease its increase

As you eat more and more of a cake the better life gets

3.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

What does utility in economics refer to

giving up one product for another without sacrificing resources

the study of making choices to satisfy their unlimited wants and needs

trading one set of goods for another not using money

advantage of fulfillment a person receives from consuming a good or service

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The study of how people choose to use scarce resources to satisfy their wants.

Needs assessment

Capitalism

Economics

Socialism

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Benefit gained from using a good or service

incentives

utility

economize

inspiration

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Make decisions based on the combination of cost and benefits

incentives

utility

economize

inspiration

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following best describes 'economic utility'?

The ability of a product to satisfy consumer wants

The cost of producing a good

The profit margin of a company

The total revenue generated by a business

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