Copyright

Economics Assumptions about the Maximization of Utility

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Producers should focus on utility for all of the following reasons, EXCEPT:

Create Your Account To Take This Quiz

As a member, you'll also get unlimited access to over 75,000 lessons in math, English, science, history, and more. Plus, get practice tests, quizzes, and personalized coaching to help you succeed.

Try it risk-free
Try it risk-free for 30 days. Cancel anytime
Already registered? Log in here for access

1. Why should producers be smart consumers when it comes to the use of resources?

2. Mariposa wants to purchase a private helicopter for her company, but her investors thinks that it's a waste of money. How can she convince them that this purchase would maximize utility for the company?

Create your account to access this entire worksheet
A Premium account gives you access to all lesson, practice exams, quizzes & worksheets
Access to all video lessons
Quizzes, practice exams & worksheets
Certificate of Completion
Access to instructors
Create an account to get started Create Account

About This Quiz & Worksheet

This quiz/worksheet combo helps you gauge your understanding of utility for producers and why producers care about utility. Topics you will need to know for the quiz include characteristics of producers and consumers.

Quiz & Worksheet Goals

This quiz and worksheet can help you review:

  • Example of not maximizing utility for a pen manufacturer
  • Lack of utility in the supply chain
  • When producers act like consumers
  • Circumstances when a helicopter is necessary to utility

Skills Practiced

This quiz and worksheet can help you practice the following skills:

  • Interpreting information - verify that you can read information regarding maximizing utility and interpret it correctly
  • Knowledge application - use your knowledge to answer questions about examples of not maximizing utility
  • Reading comprehension - ensure that you draw the most important information from the related lesson on utility

Additional Learning

To learn more about maximizing utility, review the lesson titled Economics Assumptions about the Maximization of Utility. This lesson covers the following objectives:

  • Determine what utility measures
  • Understand why producers care about utility
  • Examine what happens when utility is ignored
  • Learn how companies maximize their utility
Support