
ECO chp.2.2
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Other
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12th Grade
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Practice Problem
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Kwity Vira
Used 2+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the law of diminishing marginal utility explain in terms of the paradox of values?
Why water is expensive despite being essential.
Why diamonds are cheaper than food.
Why water is cheap despite its high use and diamonds are expensive despite low use.
Why luxury goods are always more expensive.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is cardinal measurement considered a criticism of the law of diminishing marginal utility?
Utility can be measured in numbers like money.
Utility is a subjective feeling, making it hard to measure.
Utility is constant for all goods.
Utility can be added easily across different goods.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the case of a miser, how does marginal utility behave?
The miser feels less satisfaction with each additional rupee.
The miser feels the same satisfaction regardless of how much money is saved.
The miser feels more satisfaction with each additional rupee saved.
The miser feels neutral about saving money.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens when the marginal utility (MU) curve intercepts the X-axis?
The total utility starts decreasing.
Marginal utility becomes zero.
The consumer reaches maximum satisfaction.
The utility of the commodity becomes negative.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the "Constancy" assumption refer to?
The price of the good stays the same
Your income, mood, tastes, and utility of money don’t change during consumption
Only one item is consumed
All goods are consumed at once
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
At the very first unit of consumption, what is the relationship between Total Utility (TU) and Marginal Utility (MU)?
TU is zero, MU is positive
TU and MU are equal
TU is more than MU
MU is zero
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens if a consumer keeps consuming after reaching the point of satiety?
TU increases, MU increases
TU and MU both remain constant
TU and MU both become zero
TU decreases, MU becomes negative
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