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WorksheetsConcept of Unemployment and Utility Theory
Total questions: 25
Worksheet time: 15mins
Macroeconomics deals with
Economy as a whole
Individual
Both Economy as a whole as well as individual
None of these
If operators are fired and replaced with computer technology, the operators would be considered
frictionally unemployed
structurally unemployed
cyclically unemployed
dissatisfiededly unemployed dissatisfiededly unemployed
What type of unemployment occurs when there is a change in the pattern of demand of certain commodity?
Frictional
Structural
Seasonal
Cyclical
What is the formula of unemployment rate???
=(labor force/unemployed)*100%
=(GDP*labor force)/100%
=(unemployed/labor force)*100%
none of them
What is the unemployment????
decisions to work based on each individuals' valuation of their own work
proportion of younger workers in the labor force
the situation of actively looking for employment but not being currently employed.
person who is simultaneously an income earner,
Those who are willing and able to work at the current wage rate and have a paid job
Employed
Structural unemployment
Frictional unemployment
Voluntary unemployment
Cyclical unemployment
The workforce population includes people from
10 years to 50 years
18-60 year of age
15 years to 65 years
20 years to 60 years
You made a good decision if:
Marginal cost is greater then marginal benefit
Marginal cost is less than marginal benefit
Marginal benefit is greater then marginal cost
Marginal benefit is less then marginal cost
What best reflects the goal of a consumer?
To acquire the largest possible quantity of goods.
To acquire the largest possible variety of goods.
To maximize utility.
To save money.
Which of the following best refers to the additional cost a person or firm incur to produce one more unit?
Consumer Benefit
Intersection
Marginal Benefit
Marginal Cost
If Ann gets 100 units of utility from reading a book and 500 units of utility from playing with her cat, What can we determine about Ann?
She does not enjoy reading books.
She does not enjoy playing with her cat.
She prefers reading a book to playing with her cat.
She prefers playing with her cat to reading a book.
The relationship between demand and marginal utility is best explained as ...
the marginal utility a person gets from consuming a good determines their demand for the good.
the total utility a person gets from consuming a good determines their demand for the good.
the marginal utility a person gets from consuming a good determines their market demand for the good.
the total utility a person gets from consuming a good determines their market demand for the good.
Total utility is the benefit received from consuming an extra unit of a good.
TRUE
FALSE
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.
The definition of the law of diminishing marginal utility
As more units are consumed the marginal utility falls.
As more units are consumed the marginal utility increases.
As price decreases quantity demanded increases.
As price increases consumers are willing to pay more.
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
Marcus wants to buy a laptop but he can’t afford one right away. So, an electronics store holds it for him until he’s able to pay the outstanding balance. This payment process is known as:
Credit
Form Utility
Possession Utility
Layaway
In possession utiity, a consumer finds a product helpful after doing what?
Using the product
Upgrading the product
Buying the product
Selling the product
Where a product is available for purchase is referred to as
the right location
the setting
place utility
Where product display
Kara orders a dress for her school dance on Saturday. If the dress doesn't arrive until the next Monday it has no _______ utility.
time
form
possession
place
To provide utility, a product must
be innovative
be eonomical
look appealing
provide satisfaction
State what type of unemployment is shown....
A parent who has been caring for children for four years has been job-hunting for three months.
Cyclical
Structural
Frictional
Seasonal
