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Microeconomics Canadian 14th Edition Mcconnell – Test Bank

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  • ISBN-10 ‏ : ‎ 1259089126
  • ISBN-13 ‏ : ‎ 978-1259089121

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SKU:tb1002384

Microeconomics Canadian 14th Edition Mcconnell – Test Bank

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1 ) A product has utility if it: 1 ) A ) violates the law of demand. B ) is useful. C ) satisfies consumer wants. D ) takes more and more resources to produce successive units of it. Answer: C
2 ) Utility refers to the: 2 ) A ) relative scarcity of a product. B ) satisfaction which a consumer derives from a good or service. C ) rate of decline in a product demand curve. D ) usefulness of a product. Answer: B
3 ) Which of the following statements is correct? 3 ) A ) A product may yield utility, but may not be functionally useful. B ) Because utility is not measurable, the utility-maximizing rule provides no useful
insights as to consumer behaviour. C ) Utility and usefulness are synonymous. D ) The marginal utility derived from successive units of a product tends to be similar
for all consumers. Answer: A
4 ) Which of the following best defines total utility? 4 ) A ) the change in marginal utility multiplied by the price of a product B ) the additional satisfaction received from consuming one more unit of a product C ) the total satisfaction received from consuming a particular amount of a product D ) the average amount of satisfaction from consuming a single unit of a product Answer: C
5 ) Total utility may be determined by: 5 ) A ) multiplying the marginal utility of the last unit consumed by product price. B ) multiplying the marginal utility of the first unit consumed by the number of units
consumed. C ) summing the marginal utilities of each unit consumed. D ) multiplying the marginal utility of the last unit consumed by the number of units
consumed. Answer: C
1
6 ) Which of the following defines marginal utility? 6 ) A ) the total satisfaction received from consuming as much of the product that is
available for consumption B ) the additional satisfaction received from consuming one more unit of a product C ) the change in total utility divided by the price of a product D ) the maximum amount of satisfaction from consuming a product Answer: B
7 ) Marginal utility is the: 7 ) A ) change in total utility realized by consuming one more unit of a good. B ) sensitivity of consumer purchases of a good to changes in the price of that good. C ) total utility associated with the consumption of a certain number of units of a good
divided by the number of units consumed. D ) change in total utility realized by consuming another unit of a good divided by the
change in the price of that good. Answer: A
8 ) The first Pepsi yields Craig 18 units of utility and the second yields him an additional
12 units of utility. His total utility from three Pepsis is 38 units of utility. The marginal
utility of the third Pepsi: 8 ) A ) is 26 units of utility. B ) is 38 units of utility. C ) is 6 units of utility. D ) is 8 units of utility. Answer: D
9 ) If the price of product X rises, then the resulting decline in the amount purchased will: 9 ) A ) increase the total utility from purchases of this good. B ) reduce the marginal utility of this good. C ) increase the marginal utility of this good. D ) necessarily increase the consumer’s total utility from his total purchases. Answer: C
10) Marginal utility: 10) A ) is equal to total utility if the demand curve is linear. B ) increases as more of a product is consumed. C ) diminishes as more of a product is consumed. D ) is equal to total utility divided by the number of units consumed. Answer: C

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