Law of Diminishing Marginal Utility Discussion
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Law of Diminishing Marginal Utility Discussion
Question 30 of 40 2.5 Points
According to the law of diminishing marginal utility __________ .
- as the consumption of a particular good increases, marginal utility increases
- as the consumption of a particular good increases, marginal utility decreases
- total utility is negative
- Both B and C are correct.
Question 31 of 40 2.5 Points
The budget line shows __________ .
- the different combinations of two goods that a consumer can buy
- the quantity of a single good that a consumer is willing to buy at different prices
- the maximized utility from a good
- none of the above
Question 32 of 40 2.5 Points
Total economic costs include __________ .
- a normal rate of return
- out-of-pocket costs
- opportunity costs of all inputs
- all of the above
Question 33 of 40 2.5 Points
The period of time when a firm is unable to change all inputs, or factors of production, is called the __________ .
- economic term
- short run
- accounting term
- long run
Question 34 of 40 2.5 Points
Marginal utility is the __________ .
- total amount of satisfaction gained by the consumption of a good or service
- additional satisfaction gained by the consumption or use of one more unit of something
- price of a good relative to the prices of other goods and services
- comparison of utility between two different people
Question 35 of 40 2.5 Points
Maxine has a fixed income per month to spend on goods and services, so in allocating her limited income over a set of goods, she should purchase the goods that __________ .
- have the highest utility regardless of price
- have the highest marginal utility
- provide the most utility per dollar spent
- have equal marginal utilities
Question 36 of 40 2.5 Points
If marginal product is negative, then __________ .
- total product will decrease if more of the input is hired
- total product is equal to zero
- marginal product will increase if more of the input is hired
- average product will increase if more of the input is hired
Question 37 of 40 2.5 Points
A firm’s objective is to maximize its economic profit, which is __________ .
- total revenue minus economic cost
- total profit minus total cost
- economic cost minus profit
- economic cost minus total revenue
Question 38 of 40 2.5 Points
As more of any one good is consumed in a given period, its __________ .
- total utility decreases, then remains constant
- marginal utility decreases
- total utility decreases, then increases
- marginal utility increases
Question 39 of 40 2.5 Points
Which of the following statements about fixed costs is correct?
- Fixed costs are not opportunity costs.
- Fixed costs must be paid even if the firm’s output is zero.
- Fixed costs are always the largest portion of total costs.
- none of the above
Question 40 of 40 2.5 Points
The principle of opportunity cost is __________ .
- what someone sacrifices to get something
- the satisfaction of obtaining the best next alternative
- the choice someone has to make between two different goods
- the cost of paying for something someone needs
Law of Diminishing Marginal Utility Discussion
RUBRIC
Excellent Quality
95-100%
Introduction 45-41 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Literature Support
91-84 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Methodology
58-53 points
Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score
50-85%
40-38 points
More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.
83-76 points
Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.
52-49 points
Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality
0-45%
37-1 points
The background and/or significance are missing. No search history information is provided.
75-1 points
Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.
48-1 points
There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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