Utility Theory: Definition, Examples & Economics

Instructions:

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

question 1 of 3

Which of these is what economists call the amount of satisfaction a consumer gets from consuming a liter of pop?

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1. Which of these is a feature of the concept of utility in economics?

2. When someone says they experienced 75 utils of enjoyment from going to a movie, which of these concepts did they use?

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About This Quiz & Worksheet

These quiz questions will assess how much you know about utility theory, including different concepts used in economics. There are five short multiple-choice questions in the quiz.

Quiz & Worksheet Goals

This quiz will confirm your knowledge of the following:

  • Term for the satisfaction a consumer gets from consuming a product
  • A feature of utility in economics
  • Concept expressed by the phrase 'utils of enjoyment'
  • Economic concept based on utility theory
  • Concept used when ranking a preference for one product over another

Skills Practiced

  • Knowledge application - use your knowledge to answer questions about utility theory
  • Interpreting information - verify that you can read information about a feature of utility in economics and interpret it correctly
  • Information recall - access the knowledge you've gained regarding the phrase 'utils of enjoyment'

Additional Learning

To continue learning about this topic, be sure to review the related lesson titled Utility Theory: Definition, Examples & Economics. Here's the type of information you'll find in this lesson:

  • Two ways of measuring utility
  • Theory of economists concerning purchase decisions
  • Meaning of a downward sloping demand curve
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