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MICROECONOMICS

Total questions: 20

Worksheet time: 14mins

Name
Class
Date
1.

What do you call an important variable in the market who demands the goods and services?

a)

Consumer

b)

Consumer Behavior

c)

Consumer Goods

d)

Consumer Surplus

2.

This variable in the market refer to anything that provides satisfaction to the needs, wants and desires of the consumer.

a)

Goods

b)

Services

c)

Taste

d)

Preference

3.

This refers to any intangible economic activities that contribute directly or indirectly to the satisfaction of human wants.

a)

Goods

b)

Services

c)

Taste

d)

Preference

4.

Which type of goods refers to anything that yields satisfaction directly to any consumer.

a)

Consumer Goods

b)

Essential Goods

c)

Luxury Goods

d)

Necessity Goods

5.

These are goods that satisfy the basic human needs

a)

Consumer Goods

b)

Essential Goods

c)

Luxury Goods

d)

None of the above

6.

What do you call those goods which man may do without, but brings comfort and well-being to him?

a)

Consumer Goods

b)

Essential Goods

c)

Luxury Goods

d)

Necessity Goods

7.

Which of the following identifies the basic priorities of every consumer?

a)

Bloom's Taxonomy

b)

Maslow's Hierarchy of Needs

c)

Social Stratification

d)

Division of Labor

8.

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?

a)

Law of Supply and Demand

b)

Law of Diminishing Marginal Utility

c)

Ceteris Paribus

d)

Maslow's Hierarchy of Needs

9.

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?

a)

Consumer Behavior

b)

Consumer Goods

c)

Consumer Surplus

d)

None of the above

10.

What do you call the measure involving the use and disposal of products as well as the study of how they are purchased?

a)

Consumer behavior

b)

Consumer goods

c)

Consumer surplus

d)

None of the above

11.

Which of the following is/are determined by age, income, education, gender, occupation, customs, traditions as well as culture?

a)

Essential and/or Necessity Goods

b)

Taste & Preferences

c)

Marginal Utility

d)

Total Utility

12.

What do you call the line that shows combinations of goods among which a consumer is indifferent?

a)

Indifference Curve

b)

Marginal Rate of Distribution

c)

Consumption-Possibility Line

d)

Engel Curves

13.

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?

a)

Indifference Curve

b)

Marginal Rate of Substitution

c)

Consumption-Possibility Line

d)

Engel Curves

14.

Which of the following illustrates the relationship between consumer demand and household income?

a)

Indifference Curve

b)

Marginal Rate of Substitution

c)

Consumption-Possibility Line

d)

Engel Curves

15.

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?

a)

Indifference Curve

b)

Marginal rate of substitution

c)

Consumption-Possibility Line

d)

Engel Curves

16.

The figure shown in the photo is an example of (a)   .

17.

The figure shown in the photo is an example of (a)  

18.

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?

a)

Budget Constraint

b)

Budget Line

c)

Change in Consumer Income

d)

Indifference Curve

19.

The figure shown in the photo is an example of (a)   .

20.

Indicate/draw the equation used to summarize the relationship between marginal rate of utility and the marginal rate of substitution.