13/08/2025

13/08/2025

Professional Development

30 Qs

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Business

Professional Development

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tran tai

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30 questions

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1.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

What does the term ‘utility’ refer to in economics?

The total revenue earned from selling goods
The satisfaction derived from consuming a product
The number of goods a consumer can afford
The price paid for each unit

2.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Total utility is calculated as:

TU = MU1 × MU2 × MU3
TU = Price × Quantity
TU = U1 + MU2 + MU3 + ...
TU = Total revenue ÷ Price

3.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Marginal utility is:

The utility from the first unit consumed
The increase in utility from consuming an additional unit
The average utility across all units
The total cost of consumption

4.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

The formula for marginal utility is:

Change in total utility ÷ Change in quantity
Total utility ÷ Price
Price × Quantity
Total utility – Price

5.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

The law of diminishing marginal utility states:

Marginal utility rises with each extra unit consumed
Marginal utility falls as more units are consumed
Total utility always decreases with consumption
Utility remains constant with more consumption

6.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

When marginal utility is zero:

Total utility is maximised
Demand is zero
Price must fall
Substitution effect is negative

7.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

The equi-marginal principle states that consumers maximise satisfaction when:

MUa = MUb = MUc
MUa/Pa = MUb/Pb = MUc/Pc
Pa × MUa = Pb × MUb
MU is maximised for one product only

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