
Practice Topic 3
Authored by Utin Roziana
Social Studies
University
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The main focus of utility theory is to:
Explain government spending
Determine how producers maximize output
Show how consumers allocate their income
Measure a country's total income
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Consumers need to make choices because:
Prices of goods are the same
Time and money are unlimited
Resources are scarce but wants are unlimited
Companies force them to buy certain products
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to the law of diminishing marginal utility:
Each extra unit of consumption increases satisfaction
The more we consume, the less satisfaction we get from the next unit
Utility always increases with more consumption
Total utility decreases with each unit consumed
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The law of equi-marginal utility suggests that consumers:
Spend all their money on one good
Seek maximum satisfaction by balancing utility per Ringgit
Choose only free goods
Always choose cheaper goods regardless of preference
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which is not an assumption of the indifference curve theory?
Consumers behave rationally
Income is constant
Utility is measurable
Marginal rate of substitution diminishes
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A budget line shows:
All affordable combinations of two goods given a budget
Maximum production output
The most expensive product bundles
The total market income
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Mei Ling eats 4 pieces of sushi and gains 80 utils in total. What is her average utility per sushi?
10
20
30
40
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