Econ Terms

Econ Terms

11th Grade

6 Qs

quiz-placeholder

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Econ Terms

Econ Terms

Assessment

Quiz

Social Studies

11th Grade

Practice Problem

Medium

Created by

Todd Lawson

Used 7+ times

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6 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The usefulness of a commodity

use value

law of diminishing marginal utility

marginal utility

opportunity cost

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the apparent contradiction between the high value of a nonessential item and the low value of an essential item

opportunity cost

Utility

paradox of value

marginal utility

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

whatever must be given up to obtain some item

law of diminishing marginal utility

opportunity cost

Utility

paradox of value

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Ability or capacity of a good or service to be useful and give satisfaction to someone.

Utility

marginal utility

law of diminishing marginal utility

opportunity cost

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

satisfaction or usefulness obtained from acquiring one more unit of a product

marginal utility

law of diminishing marginal utility

paradox of value

use value

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the principle that consumers experience diminishing additional satisfaction as they consume more of a good or service during a given period of time

law of diminishing marginal utility

opportunity cost

marginal utility

use value

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