HECON QUIZ

HECON QUIZ

University

100 Qs

quiz-placeholder

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HECON QUIZ

HECON QUIZ

Assessment

Quiz

Other

University

Medium

Created by

Jasmine Guillema

Used 1+ times

FREE Resource

100 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

denotes satisfaction. A subjective pleasure that an individual can derive from consuming a good or service.

Choice

Utility

Income

Economic theory

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Each successive incremental improvement in health generates less and less additions to total utility

law of increasing marginal utility

indifferent curve

law of diminishing marginal utility

budget constraints

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Factors to consider in decision making:

taste and preference

taste and preferences, income

none

income and preferences

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

- a property of preference that implies a bundle of goods can be ranked as preferred, indifferent or less preferred to one another

transitivity

rational preferences

non satiation

completeness

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

- this can be explained by the foregoing assumption.

transitivity

rational preferences

non satiation

completeness

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

- more or better property of preferences

transitivity

rational preferences

non satiation

completeness

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Quantification of satisfaction

cardinal utility theory

ordinal utility theory

cardinal ranking of preferences

ordinal ranking of preferences

Answer explanation

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