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sample+quiz+6[1] - Chapter 6 Consumer Choice Theory...

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Chapter 6 Consumer Choice Theory MULTIPLE CHOICE 2. Topic: Utility, Difficulty: E, Type: RE, Answer: b The ability of a good to satisfy a want refers to its: a. usefulness. b. utility. c. worthiness. d. necessity. 4. Topic: Utility, Difficulty: E, Type: RE, Answer: d A util represents a unit of measurement for the: a. dollars a consumer spends on a good. b. profit a firm makes from producing a good. c. way a consumer will respond to a change in price. d. happiness a person obtains from consuming a good. e. way a producer will respond to a change in price. 5. Topic: Utility, Difficulty: E, Type: RE, Answer: e The term utility refers to the: 21. Topic: Total utility, Difficulty: M, Type: CA, Answer: c Consumers tend to maximize: 23. Topic: Total utility, Difficulty: E, Type: RE, Answer: d Total utility is measured by a mythical unit called the: 24. Topic: Marginal and total utility, Difficulty: D, Type: SA, Answer: b The fact that a gallon of gasoline commands a higher market price than a gallon of water indicates that: a. gasoline is an economic good but water is not. b. the marginal utility of gasoline is greater than the marginal utility of a gallon of water. c. the average utility of a gallon of gasoline is greater than the average utility of a gallon of water. d. the total utility of gasoline exceeds the total utility of water.

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26 Chapter 6 Comprehensive / Chapter 6 Microeconomics
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