BUS 1103 Microeconomics Self Quiz Unit 4 Practice review PDF

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BUS 1103 Microeconomics Unit 4 Self-quiz Practice review University of the People....

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Dashboard / My courses / BUS 1103 - AY2022-T2 / 2 December - 8 December / Self Quiz Unit 4

Started on Wednesday, 8 December 2021, 8:40 AM State Finished Completed on Wednesday, 8 December 2021, 8:44 AM Time taken 4 mins 6 secs Marks 10.00/15.00 Grade 6.67 out of 10.00 (67%) Question 1 Incorrect Mark 0.00 out of

When a price changes, consumers have an incentive to consume less of the good w and more of the good with a relatively lower price; always happens simultaneously

1.00

Select one: a.

Income effect

b. Consumer equilibrium c.

Substitution effect

The correct answer is: Substitution effect

Question 2 Incorrect

Satisfaction derived from consumer choices is called .

Mark 0.00 out of 1.00

Select one: a.

Total utility

b. Diminishing marginal utility c.

Marginal utility

The correct answer is: Total utility

Question 3

Question 4 Correct

Mental accounting is a concept in the field of behavioral economics.

Mark 1.00 out of 1.00

Select one: a.

True

b. False

The correct answer is: True

Question 5 Correct

Utility and marginal utility cannot be used to discuss making consumer choices alo

Mark 1.00 out of 1.00

Select one: a.

True

b. False

The correct answer is: False

Question 6 Correct

How does most people approach their utility-maximizing combination of choices?

Mark 1.00 out of 1.00

Select one: a.

In a step-by-step way

b. Reviewing high level choices only c.

None of the above

The correct answer is: In a step-by-step way

Question 7 Incorrect Mark 0.00 out of 1.00

Satisfaction is measured in a unit called .

Select one: a. Demand

Question 8 Correct

The additional satisfaction gained from purchasing a good given the price of the p

Mark 1.00 out of 1.00

Select one: a.

Marginal utility per dollar

b. Diminishing marginal utility c.

None of the above

The correct answer is: Marginal utility per dollar

Question 9 Correct Mark 1.00 out of 1.00

Investigating how given dollar amounts can mean different things to individuals de behavioral economics.

Select one: a.

True

b. False

The correct answer is: True

Question 10 Correct

What is the law of diminishing marginal utility example of ?

Mark 1.00 out of 1.00

Select one: a.

Fungible

b. General law of diminishing returns c.

None of the above

The correct answer is: General law of diminishing returns

Question 11 Correct

An example of a change in price on consumption....