{"id":52617,"date":"2024-04-15T23:41:57","date_gmt":"2024-04-15T23:41:57","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=52617"},"modified":"2024-04-15T23:41:57","modified_gmt":"2024-04-15T23:41:57","slug":"utility-is-more-closely-related-to-the-term","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/utility-is-more-closely-related-to-the-term\/","title":{"rendered":"Utility is more closely related to the term"},"content":{"rendered":"<p>[amp_mcq option1=&#8221;Useful&#8221; option2=&#8221;Useless&#8221; option3=&#8221;Necessary&#8221; option4=&#8221;Satisfaction&#8221; correct=&#8221;option4&#8243;]<!--more--><\/p>\n<p>The correct answer is: <strong>D. Satisfaction<\/strong><\/p>\n<p>Utility is a concept in economics that refers to the satisfaction or benefit that a consumer receives from consuming a good or service. It is often measured in units called &#8220;utils.&#8221; The more utility a consumer receives from a good or service, the more valuable it is to them.<\/p>\n<p>The other options are not as closely related to utility.<\/p>\n<ul>\n<li>Useful: Something that is useful is something that can be used for a purpose. This is not necessarily the same as something that is satisfying. For example, a hammer is useful for hammering nails, but it may not be satisfying to use.<\/li>\n<li>Useless: Something that is useless is something that has no purpose. This is the opposite of useful.<\/li>\n<li>Necessary: Something that is necessary is something that is required or essential. This is not necessarily the same as something that is satisfying. For example, food is necessary for survival, but it may not be satisfying to eat.<\/li>\n<\/ul>\n<p>I hope this helps!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[amp_mcq option1=&#8221;Useful&#8221; option2=&#8221;Useless&#8221; option3=&#8221;Necessary&#8221; option4=&#8221;Satisfaction&#8221; correct=&#8221;option4&#8243;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-52617","post","type-post","status-publish","format-standard","hentry","category-economics","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Utility is more closely related to the term<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/utility-is-more-closely-related-to-the-term\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Utility is more closely related to the term\" \/>\n<meta property=\"og:description\" content=\"[amp_mcq option1=&#8221;Useful&#8221; 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