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Items Excluded in GDP

The utility m...

Question

The utility may be defined as ______.

A

the power of commodity to satisfy wants

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B

the usefulness of a commodity

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C

the desire for a commodity

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D

none of the above

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Solution

The correct option is A the power of commodity to satisfy wants
Utility refers to wants satisfying power of a commodity through its various features and usefulness.

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Q. Assertion :Want-satisfying power of a commodity is called its utility Reason: Utility may not have the caharcteristic of morality

Q. Fill in the blanks with appropriate alternatives given in the bracket:

1. _________________ refers to want satisfying power of a commodity. (Usefulness/ Utility/ Satisfaction/ Happieness)

2. Marginal utility diminishes, as consumption of commodity ________. (increases/ decreases/ remains constant/ become zero)

3. _________________ utility is the utility derived from the last unit of the commodity consumed. (Average/ Total/ Marginal/ Zero)

4. When MU is ______________ TU decreases. (positive/ negative/ zero/ high)

Q. ______ can be defined as the power of a commodity to command other commodities in its exchange.

Q. The power of a commodity to satisfy wants is called .

Q.  Assertion (A): All goods and services satisfy our needs and wants.

Reason (R): The satisfying power of the commodity is known as its utility.

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