A level Theory of Consumer Behavior Quiz 1

15 Questions

Quiz Description

Here in this quiz, we will be studying consumer behaviour. Our studies shall be centered around welfare, the satisfaction obtained from the consumption of a good, health and wealth, marginal utility, total utility, etc. You have 15+ available questions available here that will make you have a better understanding of the topic.

Consumer behaviour can be defined as the various psychological processes that give rise to a consumer’s decision to buy a product or service offering. Studying consumers enables businesses to be able to create proper marketing strategies for their target audience. It allows them to have an understanding of how consumers think and rationalize before they select a product from the choices available, what influences them, their shopping behavior, and loopholes that exist in information available with consumers. Consumer behaviour can also be affected by internal factors such as beliefs, as well as external factors such as social status.

Right about now, we should be thinking of answering the quiz. This economics quiz is here to aid you prepare for your Advanced Level examinations. Checkout this platform for other exciting quizzes. Good luck as you study. 

1:

 The desire to have a commodity or service is called: 


Correct
  • 1:
    Want
  • 2:
    Utility
  • 3:
    Goods
  • 4:
    None of these
2:

 Welfare definition of Economics was given by: 


Correct
  • 1:
    Adam Smith
  • 2:
    Alfred Marshall
  • 3:
    Lionel Robbins
  • 4:
    Samuelson
3:

 The goods which satisfy human wants directly are called 


Correct
  • 1:
    Consumer’s goods
  • 2:
    Producers’ goods
  • 3:
    Public goods
  • 4:
    Intermediate goods
4:

 By making a table, a carpenter creates: 


Correct
  • 1:
    Form utility
  • 2:
    Place utility
  • 3:
    Service utility
  • 4:
    None of these
5:

 Health is not wealth because it has no: 


Correct
  • 1:
    Scarcity
  • 2:
    Utility
  • 3:
    Marketability
  • 4:
    None of these
6:

 Motor car for a busy doctor is: 


Correct
  • 1:
    Necessary
  • 2:
    Comfort
  • 3:
    Luxury
  • 4:
    None of these
7:

 When Marginal utility diminishes, total utility: 


Correct
  • 1:
    Diminishes
  • 2:
    Increases
  • 3:
    Remains constant
  • 4:
    Increases at a diminishing rate
8:

 The law of equi-marginal utility is otherwise called as: 


Correct
  • 1:
    Law of substitution
  • 2:
    Law of diminishing MU
  • 3:
    Law of negative returns
  • 4:
    None of these
9:

 The marginal utility curve is: 


Correct
  • 1:
    Downward sloping
  • 2:
    Upward sloping
  • 3:
    Vertical
  • 4:
    Horizontal
10:

 “Change in demand” occurs due to the change in: 


Correct
  • 1:
    Income
  • 2:
    Prices of related goods
  • 3:
    Taste and preference
  • 4:
    All of these
11:

  In case of perfectly elastic demand, demand curve becomes: 


Correct
  • 1:
    Horizontal
  • 2:
    Vertical
  • 3:
    Downward sloping
  • 4:
    None of these
12:

 In case of perfectly elastic demand, the value of Ed is: 


Correct
  • 1:
    One
  • 2:
    Infinite
  • 3:
    Less than one
  • 4:
    Greater than one
13:

 In case of relatively more elastic, demand curve is: 


Correct
  • 1:
    Horizontal
  • 2:
    Vertical
  • 3:
    Flatter
  • 4:
    Steeper
14:

 The demand for commodity on which a consumer spends more percentage of his income is: 


Correct
  • 1:
    Less elastic
  • 2:
    Unity
  • 3:
    More elastic
  • 4:
    None of these
15:

 In case of unitary elastic, demand curve is: 


Correct
  • 1:
    Horizontal
  • 2:
    Vertical
  • 3:
    Rectangular hyperbola
  • 4:
    None of these

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A level Theory of Consumer Behavior Quiz 1
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