Utility. Quiz

Which of the following is an example of a commodity that satisfies a want?

• Medicine

• Cake

• Textbook

• All of the above

What determines the relationship between a consumer and a commodity?

• Geography

• Time

• Utility

• Quantity

Which factor affects the utility of a commodity?

• Individual tastes

• Geography

• Time

• All of the above

What happens to the utility of a commodity as the consumer's stock of that commodity increases?

• Increases

• Decreases

• Remains the same

• Fluctuates

In most economic systems, do the prices of goods and services change over short periods of time?

• Yes

• No

• Depends on the system

• Not mentioned

What is the tendency called when a consumer's desire for a commodity diminishes as they buy more units of it?

• Law of Diminishing Marginal Utility

• Law of Supply and Demand

• Law of Equilibrium Price

• Law of Consumer Satisfaction

What determines the price for goods and services in a market economy?

• Buyers

• Sellers

• Both buyers and sellers

• Government

What is the term used for the point at which the supply and demand for a good or service are equal?

• Equilibrium price

• Market price

• Fixed price

• Satisfactory price

What is the purpose of price controls and ration stamps?

• To increase prices

• To decrease prices

• To regulate quality

• To ensure availability

During World War II, what were ration stamps used for?

• Meat, butter, sugar

• Canned goods, shoes, gasoline

• Meat, butter, sugar, canned goods, shoes, gasoline

• Not mentioned