Consumer Preferences & Choice in Economics

Instructions:

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

question 1 of 3

What assumption focuses on consumer choices that result in different outcomes such as happiness, satisfaction, or utility?

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1. How is the total satisfaction of consuming a good or service described?

2. Frank goes to the Honda dealership to look for a new car. Not satisfied, he then goes to the Subaru dealership to view their inventory. How would an economist define the fact that Frank prefers Subarus over Hondas?

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About This Quiz and Worksheet

This worksheet focuses on the habits and behaviors of consumers. Topics discussed in the quiz include the various definitions of consumer preferences, as well as which consumer preference assumption economists sometimes refer to as greed.

Quiz and Worksheet Goals

Use this quiz to learn about:

  • Which consumer preference assumption is based on the idea that every consumer has a preference for one good over another
  • Solving various scenarios involving specific consumer behaviors
  • What set of assumptions focus on consumer choices that result in various alternatives, such as happiness, satisfaction, or utility

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information given about consumer preferences and choices
  • Critical thinking - apply relevant concepts to examine information about consumers in a different light
  • Defining key concepts - ensure that you can accurately define main phrases, such as consumer preference and consumer assumption
  • Knowledge application - use your knowledge to answer questions about patterns of consumer behavior

Additional Learning

To learn more about consumer behavior, review the accompanying lesson called Consumer Preferences & Choices in Economics. This lesson covers the following objectives:

  • Learn about how and why economists study consumer preference
  • Read and learn about the importance of consumer choice
  • Get a better understanding of many important economic terms, such as utility, completeness, and transitivity
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