Marginal/Cardinal Utility MCQ Quiz
Questions and Answers
- 1.
Which one do you like?
- A.
A
- B.
B
- C.
C
- D.
D
Correct Answer
B. BExplanation
We did this in class already - you're welcome.Rate this question:
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- 2.
Which one do you like?
- A.
A
- B.
B
- C.
C
- D.
D
Correct Answer
C. CExplanation
Individual gets 2 utils from each dollar spent. If price is 2 that means he derives 4 utils from buying good X. Hence, consumer needs to consume till the point where MUx is equal to 4 which happens at 4 units of consumption.Rate this question:
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- 3.
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- A.
A
- B.
B
- C.
C
- D.
D
Correct Answer
D. DExplanation
Option D is the Equimarginal Principle just written differently.Rate this question:
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- 4.
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- A.
A
- B.
B
- C.
C
- D.
D
Correct Answer
A. AExplanation
To maximize utility, consumer needs to adjust consumption of both the goods until the marginal utility per dollar from each good is the same (equimarginal principle).Rate this question:
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- 5.
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- A.
A
- B.
B
- C.
C
- D.
D
Correct Answer
B. BExplanation
MUxRate this question:
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Mar 21, 2023Quiz Edited by
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Jul 23, 2020Quiz Created by
Jehangir
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