WorksheetsCHAPTER 5 & 8
Total questions: 25
Worksheet time: 15mins
this factor of production is paid in the form of rent or lease.
land
labor
capital
entrepreneur
this is marketing of goods and services to different economic outlets for allocations to individual consumers.
production
distribution
exchange
consumption
Definition of Marginal Utility
the satisfaction from consumption
to total satisfaction from consuming a product
the extra satisfaction from the last unit consumed
the extra consumption from last unit consumed
The total utility definition states:
The usefulness, benefit or satisfaction a consumer gains from consuming a product.
The satisfaction gained from consuming a quantity of an economic good, measured in utils.
The added consumer satisfaction from consuming a quantity of a good.
The consumer's satisfaction from consuming a quantity of a good.
Total utility is the benefit received from consuming an extra unit of a good.
TRUE
FALSE
Identify the correct factor of production.
Skilled people working in a lawyers firm will be seen as?
Natural resources
Labour
Capital
Entrepreneurship
The theory of negotiated wages is based on the
idea that wages are influenced by a labor union negotiating with management for better pay and benefits
the equilibrium wage created by supply of labor and demand of labor
concept the more skills and talents you have the higher your pay should be
principle of physical capital and resource accumulation
Training and experiences is considered
physical capital
human capital
labor
necessary to obtain an unskilled job
What is the price for labor
value
labor productivity
wages
human capital
The demand for a product or resource based on its contribution to the final product.
derived demand
equilibrium demand
excessive demand
shortage of demand
· In the United States, who determines what goods and services will be produced?
Producers and the government
Government
Consumers
Producers, consumers, and government
Utility is the power of ....
Buying goods
Satisfying human wants
Verifying goods
Consuming goods
Units of utility is ....
Rs
Kg
Quintals
Utils
Marginal utility is the utility obtained by .....
consumption of each unit
consumption of two units
Total consumption
Consumption of first unit
An indifference curve is combination of the points showing .....
Different satisfaction
More satisfaction
Less satisfaction
Equal satisfaction
Total utility is the ......
Difference of each marginal utility
Sum of each marginal utility
Multiplication of each marginal utility
Division of each marginal utility
A budget line is the combination of ....
Goods
Satisfaction
Different level of expenditure
Different level of satisfaction
Consumer's equilibrium is that state of consumer where he maximizes .....
Expenditure
Consumption
Profit
Satisfaction or utility
Consumer's equilibrium is maintained at the point where ....
Budget line cuts indifference curve
Budget line is tangent to indifference curve
Budget line is convex to origin
Budget line is parallel to indifference curve
The point of consumer's equilibrium informs about ....
1. The volume of money spent by consumer
2. Quantity purchased of each commodity
Answer 1 and 2 both are true
Answer 1 and 2 both are false
Which part of the buyer decision is most closely aligned with the Maslow's hierarchy?
Purchase decision
Evaluation of alternatives
Need recognition
Post-purchase behavior
The only thing marketers need to know is what consumers will buy and at what price.
True
False
The Consumer Analysis Framework is a good tool to determine the demand that a product has in the market.
True
False
Affect is that type of reaction that is characterized by strong emotions.
True
False
Consumer environment are the elements that influence consumer purchases , use , consumption of a product or service.
True
False
