WorksheetsMICROECONOMICS
Total questions: 20
Worksheet time: 14mins
What do you call an important variable in the market who demands the goods and services?
Consumer
Consumer Behavior
Consumer Goods
Consumer Surplus
This variable in the market refer to anything that provides satisfaction to the needs, wants and desires of the consumer.
Goods
Services
Taste
Preference
This refers to any intangible economic activities that contribute directly or indirectly to the satisfaction of human wants.
Goods
Services
Taste
Preference
Which type of goods refers to anything that yields satisfaction directly to any consumer.
Consumer Goods
Essential Goods
Luxury Goods
Necessity Goods
These are goods that satisfy the basic human needs
Consumer Goods
Essential Goods
Luxury Goods
None of the above
What do you call those goods which man may do without, but brings comfort and well-being to him?
Consumer Goods
Essential Goods
Luxury Goods
Necessity Goods
Which of the following identifies the basic priorities of every consumer?
Bloom's Taxonomy
Maslow's Hierarchy of Needs
Social Stratification
Division of Labor
Which of the following states that as a consumer gets more satisfaction in the long-run, he experiences a decline in his satisfaction for goods and services?
Law of Supply and Demand
Law of Diminishing Marginal Utility
Ceteris Paribus
Maslow's Hierarchy of Needs
What do you call the measure of the welfare we gain from the consumption of goods and services, or a measure of the benefits that we derive from the exchange of goods?
Consumer Behavior
Consumer Goods
Consumer Surplus
None of the above
What do you call the measure involving the use and disposal of products as well as the study of how they are purchased?
Consumer behavior
Consumer goods
Consumer surplus
None of the above
Which of the following is/are determined by age, income, education, gender, occupation, customs, traditions as well as culture?
Essential and/or Necessity Goods
Taste & Preferences
Marginal Utility
Total Utility
What do you call the line that shows combinations of goods among which a consumer is indifferent?
Indifference Curve
Marginal Rate of Distribution
Consumption-Possibility Line
Engel Curves
Which of the following refers to the slope of the curve and measures the rate at which the consumer would be willing to give up one good for the other while maintaining the same level of utility?
Indifference Curve
Marginal Rate of Substitution
Consumption-Possibility Line
Engel Curves
Which of the following illustrates the relationship between consumer demand and household income?
Indifference Curve
Marginal Rate of Substitution
Consumption-Possibility Line
Engel Curves
Which of the following shows the various combinations of two products that can be purchased by the consumer with his income, given the prices of the products?
Indifference Curve
Marginal rate of substitution
Consumption-Possibility Line
Engel Curves
The figure shown in the photo is an example of (a) .
The figure shown in the photo is an example of (a)
Which of the following indicates the combination of the two goods that can be purchased given the consumer's income and prices of the two goods?
Budget Constraint
Budget Line
Change in Consumer Income
Indifference Curve
The figure shown in the photo is an example of (a) .
Indicate/draw the equation used to summarize the relationship between marginal rate of utility and the marginal rate of substitution.

