11th Grade Utility Analysis Quizzes, Questions & Answers

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The Econ Chapter 21 quiz assesses understanding of key economic concepts like the diamond-water paradox, utility, and marginal utility. It explores how value is perceived and measured in economics, enhancing learners' grasp of...

Questions: 60 | Attempts: 1366 | Last updated: Mar 20, 2025

Sample Question 1
1. The diamond-water paradox is the observation that

Those things that have the greatest price often have little value in exchange and those things that have the lowest price often have the greatest value in exchange.

Those things that have the greatest value in use often have little value in exchange and those things that have little value in use often have the greatest value in exchange.

Those things that have the least value in use often have little value in exchange and those things that have the greatest value in use often have the greatest value in exchange.

Those things that have the least price often have little value in exchange and those things that have the greatest price often have the greatest value in exchange.

Sample Question 2
2. When an economist talks about utility, she is talking about

A company that provides electricity, water, gas, etc.

The satisfaction, in terms of price, that a producer receives from selling his product.

The satisfaction that results from the consumption of a good.

The amount of one good that a person is willing to give up in order to get a unit of another good.

The satisfaction that results from the consumption of a good minus the price that must be paid to get the good.

Sample Question 3
3. A util is an artificial construct used as a means of measuring the

Price of a good.

Satisfaction one receives from the consumption of a good.

Costs of producing a good.

Difference between the price and the value of a good.