CA/CS Foundation MCQ Question Utility Analysis and Consumer Behavior-I

Test Preparation on CA/CS Foundation MCQ Questions Utility Analysis and Consumer Behavior-I

1.

When Economists speak of the Utility of a certainproduct they are referring to

1Demand for the product
2Usefulness of the product in consumption
3Satisfaction gained from consuming the product
4Rate at which consumers are willing to exchangeone good for another

2.

Utility may be defined as -

1Power of Commodity to satisfy wants
2Usefulness of a Commodity
3Desire for a Commodity
4None of the above

3.

Which of the following statements regarding Utility isnot true?

1Utility is the psychological satisfaction that aConsumer derives by - using a particularproduct
2Utility helps to understand how consumers makechoices
3Utility is always measureable
4Utility is a purely subjective issue.

4.

Utility is a

1Subjective concept
2Objective concept
3Irrelevant concept
4Indeterminate concept

5.

Utility -

1Differs from person to person
2Differs from time to time
3Differs from product to product
4All of the above are correct

6.

Utility is applicable -

1Only for socially desirable goods (foodetc) -
2Only for harmful goods like Liquor Cigarettesetc
3Both 1 and 2
4Neither 1 nor 2

7.

Utility is ethically neutral. This statement is?

1True
2False
3Partially True
4Nothing can be said about Utilit

8.

Utility can be measured and quantified under-

1Cardinal Approach only
2Ordinal Approach only
3Both 1 and 2
4Neither 1 nor 2

9.

Which of the following Utility approaches suggestthat Utility can be measured and quantified?

1Cardinal
2Ordinal
3Both Cardinal and Ordinal
4Neither approach makes such suggestion

10.

Under Marginal Utility analysis. Utility is assumed tobe a -

1Cardinal Concept
2Ordinal Concept
3Indeterminate Concept
4Infinite ConceptUtility measurementMarshaiiian school of

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