Consumption Analysis Important Questions

11th Standard

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Economics

Time : 01:00:00 Hrs
Total Marks : 50
    5 x 1 = 5
  1. Choice is always constrained or limited by the of our____ resources.

    (a)

    Scarcity

    (b)

    Supply

    (c)

    Demand

    (d)

    Abundance

  2. The basis for the law of demand is related to

    (a)

    Law of Diminishing Marginal Utility

    (b)

    Law of Supply

    (c)

    Law of Equi-Marginal Utility

    (d)

    Gossen's Law

  3. The concept of elasticity of demand was intorduced by

    (a)

    Ferguson

    (b)

    Keynes

    (c)

    Adam Smith

    (d)

    Marshall

  4. The concept of consumers surplus was introduced by ____

    (a)

    Alfred Marshall

    (b)

    J.R. Hicks

    (c)

    A.C. Pigon

    (d)

    J.K. Easthan

  5. The __ principle is quite useful in explaining the "water diamond paradox"

    (a)

    Equi - marginal

    (b)

    Marginal utility

    (c)

    Utility

    (d)

    Total utility

  6. 5 x 2 = 10
  7. Define utility.

  8. Write the formula of consumers surplus?

  9. What are Giffen goods? Why?

  10. Define budget set.

  11. Mention few determinants of Elasticity of demand?

  12. 5 x 3 = 15
  13. Describe the feature of human wants

  14. Explain the theory of "Consumer's surplus"

  15. Briefly explain the concept of consumer's equilibrium?

  16. What are the assumptions of Law of Diminishing Marginal utility?

  17. Mention the relationship between marginal utility and total utility.

  18. 4 x 5 = 20
  19. Elucidate the law of diminishing marginal utility with diagram.

  20. Explain the law of Equi - marginal utility

  21. Explain briefly Levels or degrees of Price Elasticity of Demand?

  22. Explain the theory of Consumer's surplus with the help of a table and a diagram.

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