WorksheetsEconomics
Total questions: 25
Worksheet time: 13mins
In the above diagram curves 1, 2, and 3 represent the:
average, marginal, and total product curves respectively.
marginal, average, and total product curves respectively.
total, average, and marginal product curves respectively.
total, marginal, and average product curves respectively.
If in the short run a firm's total product is increasing, then its:
marginal product must also be increasing.
marginal product must be decreasing.
marginal product could be either increasing or decreasing.
average product must also be increasing.
The firm has found a new method of production which helps lower the costs of production. What effect does this have on the iPhone market?
Favourable shift in supply
Unfavourable shift in supply
Favourable shift in demand
Unfavourable shift in demand
If there is a wage increase for all workers in manufacturing, what is the effect on the iPhone market?
Favourable shift in supply
Unfavourable shift in supply
Favourable shift in demand
Unfavourable shift in demand
The price of Samsung phones has just decreased. What effect does this have on the market for iPhones?
A favourable shift in supply
An unfavourable shift in supply
A favourable shift in demand
An unfavourable shift in demand
In the market for iPhones there is an increase in the price of glass. This will cause:
A favourable shift in supply
A favourable shift in demand
No effect
A favourable shift in both demand and supply
What is derived demand?
When two or more goods are demanded together to fulfill a specific need or want
When the demand for a good is derived from the demand for another related good
When a good or service is demanded for multiple purposes
When the production of one good results in the production of another good
What is competitive supply?
When the demand for a good is derived from the demand for another related good
When two or more goods require the same resources or inputs to be produced
When the supply of a single good or resource comes from multiple sources
When the production of one good results in the production of another good
Goods and services sold to other countries are......
What will happen to the supply & price of tomatoes if more farmers decide to start growing tomatoes?
Supply will increase
Price will go down
Prices remain the same
Supply decreases
In the law of diminishing marginal utility, Alfred Marshall assumes that marginal utility of money _______
increases
remains constant
decreases
raises and then falls
Utility is the cause of consumption, ______ is the end result of consumption.
satisfaction
disutility
dissatisfaction
total utility
The law of demand assumes ceteris paribus which means ...
factors such as price remains unchanged.
all other factors remain unchanged.
that the only factor to change is the consumer's income.
all of the above.
Total Utility will be greatest when marginal utility equals
0
1
2
3
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
Which best expresses the law of diminishing marginal utility?
The more consumption of a product, the smaller is the total and marginal utility
from the consumption.
The less consumption of a product, the greater is the total and marginal utility of
the consumption
The more consumption of a product, the smaller is the marginal utility from
consuming an additional unit.
The more consumption of a produc t, the smaller is the total and marginal utility
from the consumption.
Marginal utility is the
overall satisfaction from consuming a good
additional satisfaction from consuming one more unit of a good
average satisfaction from consuming a good
the change in satisfaction from consuming 1% more of a good
Total utility can be measured as
the sum of all marginal utilities
the sum of all average utilities
the total revenue spent on goods and services
the price of a product
A word that can be substituted for utility is
cost
price
satisfaction
income
