Economics: Understanding Human Wants

• 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.

• 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

• 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)

<p>Total utility and marginal utility (D)</p> Signup and view all the answers

<p>Physical instincts and psychological instincts (B)</p> Signup and view all the answers