In Economics the 'Utility' and 'Usefulness' have - (1) same meaning (2) different meaning (3) opposite meaning (4) None of the above

In Economics the 'Utility' and 'Usefulness' have - (1) same meaning (2) different meaning (3) opposite meaning (4) None of the above
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(2) different meaning Explanation: In economics, utility is a representation of preferences over some set of goods and services. Preferences have a utility representation so long as they are transitive, complete, and continuous. Usefulness refers to which extent something is useful and the utility is the quality of that piece in practical use. Both are inter-related terms. Utility is a factor of usefulness term. Usefulness means having practical utility of a piece which is beneficial, pertinent and functional.
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In Economics the ‘Utility’ and ‘Usefulness’ have (1) same meaning (2) different meaning (3) opposite meaning (4) None of the above

Description : In Economics the ‘Utility’ and ‘Usefulness’ have (1) same meaning (2) different meaning (3) opposite meaning (4) None of the above

Last Answer : different meaning

The term utility means - (1) usefulness of a commodity (2) the satisfaction which a commodity yields (3) the service which a commodity is capable of rendering (4) None of these

Description : The term utility means - (1) usefulness of a commodity (2) the satisfaction which a commodity yields (3) the service which a commodity is capable of rendering (4) None of these

Last Answer : (2) the satisfaction which a commodity yields Explanation: In economics, 'Utility,' refers to the total satisfaction received from consuming a good or service. It is usually applied by economists ... commodities that an individual or a society would accept to maintain a given level of satisfaction.

The term utility means (1) usefulness of a commodity (2) the satisfaction which a commodity yields (3) the service which a commodity is capable of rendering (4) None of these

Description : The term utility means (1) usefulness of a commodity (2) the satisfaction which a commodity yields (3) the service which a commodity is capable of rendering (4) None of these 

Last Answer :  the satisfaction which a commodity yields

In Economics, production means - (1) manufacturing (2) making (3) creating utility (4) farming

Description : In Economics, production means - (1) manufacturing (2) making (3) creating utility (4) farming

Last Answer : (3) creating utility Explanation: All factors of production like land, labour, capital and entrepreneur are required in combination at a time to produce a commodity. Production means creation or an ... 'inputs' or 'resources') are any commodities or services used to produce goods and services.

In Economics, production means (1) manufacturing (2) making (3) creating utility (4) farming

Description : In Economics, production means (1) manufacturing (2) making (3) creating utility (4) farming

Last Answer : creating utility

Which of the following is not a type of elasticity in economics………………… (a) Income elasticity ; (b) Price elasticity ; (c) Utility elasticity ; (d) Cross elasticity

Description : Which of the following is not a type of elasticity in economics………………… (a) Income elasticity ; (b) Price elasticity ; (c) Utility elasticity ; (d) Cross elasticity

Last Answer :  (c) Utility elasticity ;

Law of diminishing marginal utility is based on the assumption that a. Tastes change over time b. Consumption is continuous c. Different units of goods consumed are homogeneous Of these statements: A.Only a is true B.a and c are true C.b and c are true D.All are true

Description : Law of diminishing marginal utility is based on the assumption that a. Tastes change over time b. Consumption is continuous c. Different units of goods consumed are homogeneous Of these statements: A.Only a is true B.a and c are true C.b and c are true D.All are true

Last Answer : D.All are true

When you lower or raise a standard pickup truck, do you increase or decrease its usefulness?

Description : When you lower or raise a standard pickup truck, do you increase or decrease its usefulness?

Last Answer : Lift kits allow a truck to cover terrain regular PU’s can’t navigate thus increasing it’s usefulness under rough off road hauls.

Wasted space in houses? Or some kind of usefulness?

Description : Wasted space in houses? Or some kind of usefulness?

Last Answer : There is a trend toward high ceilings especially two-story ceilings in spaces. I have always wondered about it, because I can’t imagine having to clean up there.

Besides Fluther, what are some websites that you frequent everyday? (not so much for social, but rather for usefulness i.e. weather, traffic)

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Last Answer : Google Yelp Shelfari Flickr Netflix Livemocha Various banks more google Digg TED various news sites.

What evidence is there for the usefulness of flossing?

Description : What evidence is there for the usefulness of flossing?

Last Answer : i dont know about any studies but doesn't it just make sense that the stuff that gets stuck between your teeth, over time, can possibly cause problems? i know that i keep my teeth very clean, but even ... was not scientific but i'm a big fan of flossing and thought i'd throw in my 2 cents, lol

I purge all that is evil, and keep all that is true. Unless you speak, I can delete what you said. My usefulness has faded with the use of a pen. I am usually made of rubber, yet I am not a toy. I am both pink, and white, but also blue, or green. Do not forget me, as I can be your best friend. What am I? -Riddles

Description : I purge all that is evil, and keep all that is true. Unless you speak, I can delete what you said. My usefulness has faded with the use of a pen. I am usually made of rubber, yet I am not a toy. I ... , but also blue, or green. Do not forget me, as I can be your best friend. What am I? -Riddles

Last Answer : An eraser.

I am the tool, for inspiring many. Buy me in the store, for not much more than a penny. Don't overuse me, or my usefulness will go, what am I? Do you know? -Riddles

Description : I am the tool, for inspiring many. Buy me in the store, for not much more than a penny. Don't overuse me, or my usefulness will go, what am I? Do you know? -Riddles

Last Answer : An inkpen.

7. Write 10 lines on the usefulness of microorganisms in our lives. -Science

Description : 7. Write 10 lines on the usefulness of microorganisms in our lives. -Science

Last Answer : Uses of microorganisms are listed below They are helpful in cleaning up of the environment. For example, the organic wastes (vegetable peels, remains of animals, faeces, etc.) are broken ... can be used to degrade the harmful and smelly substances and thereby clean up the environment.

Write 10 lines on the usefulness of microorganisms in our lives. -Biology

Description : Write 10 lines on the usefulness of microorganisms in our lives. -Biology

Last Answer : Microorganisms are useful to us in many ways. For example, Bacteria like Lactobacillus convert milk into curd. Bacteria are also involved in the making of cheese. Acetobacter aceti is used ... Some microorganisms are taken as probiotics, that are believed to provide health benefits when consumed.

The usefulness of computers has now become a part of humanity. You cannot imagine life without them. (i) Do computers have Weaknesses also. -Technology

Description : The usefulness of computers has now become a part of humanity. You cannot imagine life without them. (i) Do computers have Weaknesses also. -Technology

Last Answer : (i) Yes, computers have weaknesses. Some weaknesses of computers are lack of decision making power, zero IQ and no heuristics. (ii) Computers are used to listen to songs, send E-mail etc. in daily life

Mycorrhiza and its usefulness for some plants? -Biology

Description : Mycorrhiza and its usefulness for some plants? -Biology

Last Answer : answer:

The Usefulness of a Small Power Generator?

Description : The Usefulness of a Small Power Generator?

Last Answer : A small power generator can be very useful to any home or business. In cases of power outages, they are perfect for supplying enough electricity for lights and other necessary electronic apparatus ... places where there is no electricity available, such as work sites, outdoor events and campgrounds.

Appearance and Usefulness of the Mission Computer Desk ?

Description : Appearance and Usefulness of the Mission Computer Desk ?

Last Answer : A mission computer desk combines the best of both worlds with a classic mission style that accommodates today's technology. Select a mission computer desk and enjoy its beauty and functionality.

The range of usefulness of tensiometer is between

Description : The range of usefulness of tensiometer is between

Last Answer : Ans. 0.0-0.8 bar

B-complex is an often prescribed Vitamin. What is complex about it ? What is its usefulness ?

Description : B-complex is an often prescribed Vitamin. What is complex about it ? What is its usefulness ?

Last Answer : Ans. It is a type of Vitamin which contains B1 , B2 , B6 and B12. It required to release energy from food and to promote healthy skin and muscles. Its deficiency causes beri-beri (Vitamin B1 ) and Anaemia (Vitamin B12).

What is one measure a company can use to validate the usefulness of its video posts on YouTube? A. The number of followers B. The number of videos the company has up C. The amount of views of the video D. The sales volume of the company

Description : What is one measure a company can use to validate the usefulness of its video posts on YouTube? A. The number of followers B. The number of videos the company has up C. The amount of views of the video D. The sales volume of the company

Last Answer : C. The amount of views of the video

The end of the usefulness of a tr tube is indicated by an increase in what quantity?

Description : The end of the usefulness of a tr tube is indicated by an increase in what quantity?

Last Answer : Recovery time.

What limits the usefulness of high-gain, tunnel-diode frequency converters?

Description : What limits the usefulness of high-gain, tunnel-diode frequency converters?

Last Answer : Stability problems.

Which one of the following best defines the interest stage in the product adoption process? A)The buyer tries to find the product B)The buyer considers the benefits and determines whether or not to try the product C)The buyer tries the product to determine its usefulness D)The buyer seeks information and is receptive to learning about the product

Description : Which one of the following best defines the interest stage in the product adoption process? A)The buyer tries to find the product B)The buyer considers the benefits and determines whether or ... to determine its usefulness D)The buyer seeks information and is receptive to learning about the product

Last Answer : D)The buyer seeks information and is receptive to learning about the product

Why is my electric utility company offering a renewable energy option?

Description : Why is my electric utility company offering a renewable energy option?

Last Answer : You’re not supposed to ask questions about renewable energy, just say yes. If it causes harm, that’s a price we’re willing to pay. Apparently. Any other industry would be fined out of existence.

The total utility from 9 units of commodity x is 20 and from 10 units is 15. Calculate the marginal utility from 10th unit. (1) 0.5 (3) 5 (2) -0.5 (4) -5

Description : The total utility from 9 units of commodity x is 20 and from 10 units is 15. Calculate the marginal utility from 10th unit. (1) 0.5 (3) 5 (2) -0.5 (4) -5

Last Answer : (4) -5 Explanation: Marginal Utility = Change in Total Utility / Change in number of Units consumed. The first component of the formula is to calculate the change in total utility. The second component of the marginal utility formula is the change in the number of units that have been consumed.

Which of the following concepts are most closely associated with J.M. Keynes? (1) Control of money supply (2) Marginal utility theory (3) Indifference curve analysis (4) Marginal efficiency of captial

Description : Which of the following concepts are most closely associated with J.M. Keynes? (1) Control of money supply (2) Marginal utility theory (3) Indifference curve analysis (4) Marginal efficiency of captial

Last Answer : (4) Marginal efficiency of captial Explanation: The marginal efficiency of capital (MEC) is that rate of discount which would equate the price of a fixed capital asset with its present discounted ... given by the returns expected from the capital asset during its life Just equal its supply price

The value of a commodity expressed in terms of money is known as - (1) Price (2) Utility (3) Value (4) Wealth

Description : The value of a commodity expressed in terms of money is known as - (1) Price (2) Utility (3) Value (4) Wealth

Last Answer : (1) Price Explanation: The exchange value of every commodity can be expressed in terms of money. This possibility has enabled money to become a medium for expressing values when the growing elaboration of ... . Thus, price can be defined as exchange value of a commodity expressed in terms of money.

A want becomes a demand only when it is backed by the - (1) Ability to purchase (2) Necessity to buy (3) Desire to buy (4) Utility of the product

Description : A want becomes a demand only when it is backed by the - (1) Ability to purchase (2) Necessity to buy (3) Desire to buy (4) Utility of the product

Last Answer : (1) Ability to purchase Explanation: Need," "Want," and "Demand" are the three key concepts of marketing. Needs are the basic human requirements. These needs become wants when they are directed to specific ... a weekend break in the Caribbean, but only a few people are willing and able to buy one.

When marginal utility is zero, the total utility is - (1) Minimum (2) Increasing (3) Maximum (4) Decreasing

Description : When marginal utility is zero, the total utility is - (1) Minimum (2) Increasing (3) Maximum (4) Decreasing

Last Answer : (3) Maximum Explanation: Marginal utility measures the extra utility (or satisfaction) from consuming an additional unit of a product. Total utility is the total satisfaction from the consumption of the ... in total satisfaction from the consumption of that unit. So the total unit is at maximum.

Diamonds are priced higher than water because : (1) they are sold by selected firms with monopolistic powers. (2) their marginal utility to buyers is higher than that of water. (3) their total utility to buyers is higher than that of water. (4) consumers do not buy them at lower prices.

Description : Diamonds are priced higher than water because : (1) they are sold by selected firms with monopolistic powers. (2) their marginal utility to buyers is higher than that of water. (3) their total utility to buyers is higher than that of water. (4) consumers do not buy them at lower prices.

Last Answer : (2) their marginal utility to buyers is higher than that of water. Explanation: The water diamond paradox or puzzle was a mystery of Adam Smith who observed that the price of diamonds was much higher ... is very high and so consumers are willing to pay higher prices for diamond, than for water.

The Marginal Utility Curve slopes downward from left to right indicating - (1) A direct relationship between marginal utility and the stock of commodity (2) A constant relationship between marginal utility and the stock of commodity (3) A proportionate relation-ship between marginal utility and the stock of commodity (4) An inverse relationship between marginal utility and the stock of commodity

Description : The Marginal Utility Curve slopes downward from left to right indicating - (1) A direct relationship between marginal utility and the stock of commodity (2) A constant relationship between marginal ... stock of commodity (4) An inverse relationship between marginal utility and the stock of commodity

Last Answer : (4) An inverse relationship between marginal utility and the stock of commodity Explanation: The Marginal Utility Curve is a curve illustrating the relation between the marginal utility obtained from ... marginal (additional) benefit to the consumer falls; hence consumers are prepared to pay less.

Production refers to - (1) destruction of utility (2) creation of utilities (3) exchange value (4) use of a product

Description : Production refers to - (1) destruction of utility (2) creation of utilities (3) exchange value (4) use of a product

Last Answer : (2) creation of utilities Explanation: Production refers to "the creation of utility having value-in-exchange." The process of production may create six types of utilities: form utility, time utility, place utility, ownership utility, service utility and knowledge utility.

If total utility is maximum at a point, then marginal utility is - (1) positive (2) zero (3) negative (4) positive but decreasing

Description : If total utility is maximum at a point, then marginal utility is - (1) positive (2) zero (3) negative (4) positive but decreasing

Last Answer : (2) zero Explanation: Marginal utility of a good or service is the gain (or loss) from an increase (or decrease) in the consumption of that good or service. As the rate ... increase in consumption of units of commodities causes marginal utility to become negative; this signifies dissatisfaction.

Consumer gets maximum satisfaction at the point where - (1) Marginal Utility = Price (2) Marginal Utility > Price (3) Marginal Utility < Price (4) Marginal Cost = Price

Description : Consumer gets maximum satisfaction at the point where - (1) Marginal Utility = Price (2) Marginal Utility > Price (3) Marginal Utility < Price (4) Marginal Cost = Price

Last Answer : (1) Marginal Utility = Price Explanation: As per the law of diminishing marginal utility, the utility of each successive unit goes on diminishing as more and more units of a commodity are consumed. A ... for it. In this way, the consumer will get the maximum satisfaction and will be in equilibrium.

Put into chronological order on the basis of development: l. Law of demand 2. Law of indifference 3. Law of diminishing marginal utility 4. Revealed preference curve 5. Indifference curve A.1 3 4 2 5 B.1 5 3 4 2 C.1 3 2 5 4D.1 2 3 4 5

Description : Put into chronological order on the basis of development: l. Law of demand 2. Law of indifference 3. Law of diminishing marginal utility 4. Revealed preference curve 5. Indifference curve A.1 3 4 2 5 B.1 5 3 4 2 C.1 3 2 5 4 D.1 2 3 4 5

Last Answer : C.1 3 2 5 4

Demand curve can be derived from the law of diminishlng marginal utility on which of the following assumptions? (i) Utility can be measured in quantitative terms (ii) Utility of money is constant Of these statements: A.Only (i) is true B.Both (i) and (ii) are true C.Only (ii) is true D.Neither (i) nor (ii) is true

Description : Demand curve can be derived from the law of diminishlng marginal utility on which of the following assumptions? (i) Utility can be measured in quantitative terms (ii) Utility of money is constant Of these statements: A.Only ... ) and (ii) are true C.Only (ii) is true D.Neither (i) nor (ii) is true

Last Answer : B.Both (i) and (ii) are true

Engel’s curve illustrates the relationship between (a) Consumption and Utility (b) Production and Productivity (c) Income and Consumption (d) Income and Production

Description : Engel’s curve illustrates the relationship between (a) Consumption and Utility (b) Production and Productivity (c) Income and Consumption (d) Income and Production

Last Answer : (c) Income and Consumption

A price consumption curve, traces the utility maximizing combination of two goods when (a) the price of one good changes (b) the consumer’s preference change © the consumer’s income changes (d) the demand curve for one of the goods shifts rightward

Description : A price consumption curve, traces the utility maximizing combination of two goods when (a) the price of one good changes (b) the consumer’s preference change © the consumer’s income changes (d) the demand curve for one of the goods shifts rightward

Last Answer : (a) the price of one good changes

© change in utility due to change in price (d) change in utility due to change in income

Description : Marginal utility means (a) change in total utility due to one unit change in consumption (b) change in total utility due to no change in consumption © change in utility due to change in price (d) change in utility due to change in income

Last Answer : (a) change in total utility due to one unit change in consumption

Total utility is maximum, when (a) marginal utility is maximum (b) marginal utility is zero © marginal utility increases (d) average utility is maximum

Description : Total utility is maximum, when (a) marginal utility is maximum (b) marginal utility is zero © marginal utility increases (d) average utility is maximum

Last Answer : (b) marginal utility is zero

The law of diminishing marginal utility is most useful for explaining the (a) Law of supply (b) Law of demand © Shape of production possibility curve (d) curvature of total cost curve

Description : The law of diminishing marginal utility is most useful for explaining the (a) Law of supply (b) Law of demand © Shape of production possibility curve (d) curvature of total cost curve

Last Answer : (b) Law of demand

The total utility from 9 units of commodity x is 20 and from 10 units is 15. Calculate the marginal utility from 10th unit. (1) 0.5 (2) –0.5 (3) 5 (4) –5

Description : The total utility from 9 units of commodity x is 20 and from 10 units is 15. Calculate the marginal utility from 10th unit. (1) 0.5 (2) –0.5 (3) 5 (4) –5

Last Answer : –5

Which of the following concepts are most closely associated with J.M. Keynes ? (1) Control of money supply (2) Marginal utility theory (3) Indifference curve analysis (4) Marginal efficiency of captial

Description : Which of the following concepts are most closely associated with J.M. Keynes ? (1) Control of money supply (2) Marginal utility theory (3) Indifference curve analysis (4) Marginal efficiency of captial

Last Answer : Marginal efficiency of captial

Production refers to (1) destruction of utility (2) creation of utilities (3) exchange value (4) use of a product

Description : Production refers to (1) destruction of utility (2) creation of utilities (3) exchange value (4) use of a product

Last Answer : creation of utilities

Consumer gets maximum satisfaction at the point where (1) Marginal Utility = Price (2) Marginal Utility > Price (3) Marginal Utility < Price (4) Marginal Cost = Price

Description : Consumer gets maximum satisfaction at the point where (1) Marginal Utility = Price (2) Marginal Utility > Price (3) Marginal Utility < Price (4) Marginal Cost = Price

Last Answer : Marginal Utility = Price

Diamonds are priced higher than water because : (1) they are sold by selected firms with monopolistic powers. (2) their marginal utility to buyers is higher than that of water. (3) their total utility to buyers is higher than that of water. (4) consumers do not buy them at lower prices.

Description : Diamonds are priced higher than water because : (1) they are sold by selected firms with monopolistic powers. (2) their marginal utility to buyers is higher than that of water. (3) their total utility to buyers is higher than that of water. (4) consumers do not buy them at lower prices.

Last Answer :  their marginal utility to buyers is higher than that of water.

If total utility is maximum at a point, then marginal utility is (1) positive (2) zero (3) negative (4) positive but decreasing

Description : If total utility is maximum at a point, then marginal utility is (1) positive (2) zero (3) negative (4) positive but decreasing

Last Answer : zero

The value of a commodity expressed in terms of money is known as (1) Price (2) Utility (3) Value (4) Wealth

Description : The value of a commodity expressed in terms of money is known as (1) Price (2) Utility (3) Value (4) Wealth

Last Answer : Price