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Economic System and Utility Quiz

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Questions and Answers

What is the main objective of a socialist economy?

Maximum Public Welfare (correct)

Earning Profit

Maximum Production

Economic Freedom

To what is utility related?

Production

Morality

Profitability

Satisfication of human wants (correct)

When total utility is fixed, what is the marginal utility?

Negative

Zero (correct)

Positive

Qualitative

Which of the following are complementary goods?

<p>Car & Petrol</p> Signup and view all the answers

What does price elasticity of demand measure?

<p>Change in demand due to change in price</p> Signup and view all the answers

Economic System and Utility Quiz

Choose a study mode

Podcast

Questions and Answers

What is the main objective of a socialist economy?

To what is utility related?

When total utility is fixed, what is the marginal utility?

Which of the following are complementary goods?

What does price elasticity of demand measure?

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