Economics: Understanding Human Wants

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Questions and Answers

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?

  • 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?

  • 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?

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

What causes wants according to the text?

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

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