
Utility Quiz
Quiz
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Other
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9th Grade
•
Practice Problem
•
Hard
Education 10x
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is utility?
Measurement of dissatisfaction or lack of value from consuming a good or service
The process of producing goods or services
The amount of money spent on a good or service
Measurement of satisfaction or value from consuming a good or service
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Define utility in economics.
The total amount of money a person has
The cost of producing a good or service
The amount of goods or services available in the market
Satisfaction or usefulness obtained from consuming a good or service
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the different types of utility?
form utility, time utility, place utility, possession utility, and information utility
physical utility, emotional utility, intellectual utility, and spiritual utility
economic utility, social utility, cultural utility, and environmental utility
form utility, time utility, place utility, possession utility, and information utility
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Explain the concept of total utility.
The total number of units of a good or service consumed.
Overall satisfaction or benefit from consuming a certain quantity of a good or service.
The average satisfaction or benefit from consuming a certain quantity of a good or service.
The total amount of money spent on a good or service.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is marginal utility?
The cost of producing one additional unit of a good or service.
The total satisfaction or benefit that a consumer derives from consuming a good or service.
The price at which a good or service is sold in the market.
The additional satisfaction or benefit that a consumer derives from consuming one additional unit of a good or service.
6.
OPEN ENDED QUESTION
3 mins • 1 pt
How is marginal utility calculated?
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7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the law of diminishing marginal utility?
The law of diminishing marginal utility states that as a person consumes more units of a good or service, the additional satisfaction or utility derived from each additional unit will eventually increase.
The law of diminishing marginal utility states that as a person consumes more units of a good or service, the additional satisfaction or utility derived from each additional unit will remain constant.
The law of diminishing marginal utility states that as a person consumes more units of a good or service, the additional satisfaction or utility derived from each additional unit will eventually decrease.
The law of diminishing marginal utility states that as a person consumes more units of a good or service, the additional satisfaction or utility derived from each additional unit will fluctuate randomly.
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