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Business & economics
Secondary 4-6 (Ages 15-18)
Group Effort
Applied Knowledge about the Consumers behavior
Shared by Jonathan Pacete
2 hours ago
20 Q
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1
In economics, utility refers to:
A
The income earned by an individual
B
The level of satisfaction derived from consuming a good
C
The monetary price of a commodity
D
The quantity of goods available in the market
2
If a consumer prefers Good A over Good B, this means that the consumer:
A
Pays more for Good A
B
Derives higher utility from Good A
C
Has a higher income
D
Consumes more of Good B
3
Why do individuals attempt to maximize utility?
A
Resources such as income and wealth are unlimited
B
Consumers always prefer expensive goods
C
Resources such as income and wealth are scarce
D
Prices are always constant
4
Marginal utility refers to:
A
The average income of a consumer
B
The additional satisfaction from consuming an additional unit
C
The price paid for one unit of a good
D
The total satisfaction from all units consumed
5
A student receives 4 units of utility from the first serving of dessert and 3 additional units from the second serving. The marginal utility of the second serving is:
A
4
B
1
C
3
D
7
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