Marginal/Cardinal Utility MCQ Quiz

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| By Jehangir

Jehangir

Community Contributor

Quizzes Created: 1 | Total Attempts: 222

Questions: 5 | Attempts: 222 | Updated: Mar 21, 2023

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Questions and Answers

1.

Which one do you like?
- A.
  
  A
- B.
  
  B
- C.
  
  C
- D.
  
  D
Correct Answer
B. B

Explanation
We did this in class already - you're welcome.

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2.

Which one do you like?
- A.
  
  A
- B.
  
  B
- C.
  
  C
- D.
  
  D
Correct Answer
C. C

Explanation
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.

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3.

Which one do you like?
- A.
  
  A
- B.
  
  B
- C.
  
  C
- D.
  
  D
Correct Answer
D. D

Explanation
Option D is the Equimarginal Principle just written differently.

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4.

Which one do you like?
- A.
  
  A
- B.
  
  B
- C.
  
  C
- D.
  
  D
Correct Answer
A. A

Explanation
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).

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5.

Which one do you like?
- A.
  
  A
- B.
  
  B
- C.
  
  C
- D.
  
  D
Correct Answer
B. B

Explanation
MUx

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Current Version
Mar 21, 2023

Quiz Edited by
ProProfs Editorial Team
Jul 23, 2020

Quiz Created by
Jehangir

Marginal/Cardinal Utility MCQ Quiz

Which one do you like?

Which one do you like?

Which one do you like?

Which one do you like?

Which one do you like?