Podcast
Questions and Answers
What is the difference between utility and usefulness?
What is the difference between utility and usefulness?
- Utility is concerned with moral values, while usefulness is not.
- Utility is a psychological concept, while usefulness has no psychological aspect. (correct)
- Utility refers to the total sum of utilities, while usefulness refers to the individual unit's benefit.
- Utility is affected by income and taste, while usefulness is not.
What factors affect wants according to the text?
What factors affect wants according to the text?
- Physical instincts, psychological instincts, and social obligations
- Income, taste, fashion, advertisements, and social norms (correct)
- Total utility and marginal utility
- Personal economic and social status
What does Total Utility (TU) refer to?
What does Total Utility (TU) refer to?
- The difference between total utility and marginal utility
- The additional utility derived from consuming each additional unit of a commodity
- The sum of marginal utilities up to the units consumed by a consumer
- The sum total of utilities derived from the consumption of all units of a commodity at a given time (correct)
What are the two important concepts of utility mentioned in the text?
What are the two important concepts of utility mentioned in the text?
What causes wants according to the text?
What causes wants according to the text?
Flashcards are hidden until you start studying