Consumption Analysis One Mark Questions

11th Standard

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Economics

Time : 00:30:00 Hrs
Total Marks : 25
    25 x 1 = 25
  1. Pick the odd one out

    (a)

    Luxuries

    (b)

    Comforts

    (c)

    Necessaries

    (d)

    Agricultural goods

  2. Choice is always constrained or limited by the of our____ resources.

    (a)

    Scarcity

    (b)

    Supply

    (c)

    Demand

    (d)

    Abundance

  3. The chief exponent of the cardinal utility approach was

    (a)

    J.R. Hicks

    (b)

    R.G.D. Allen

    (c)

    Marshall

    (d)

    Stigler

  4. Marginal utility is measured by using the formula of

    (a)

    TUn - TUn-1

    (b)

    TUn - TUn+1

    (c)

    TUn + TUn+1

    (d)

    TUn - TUn+1

  5. When marginal utility reaches zero, the total utility will be

    (a)

    Minimum

    (b)

    Maximum

    (c)

    Zero

    (d)

    Negative

  6. Gossen's first law is known as

    (a)

    Law of Equi-Marginal Utility

    (b)

    Law of Diminishing Marginal Utility

    (c)

    Law of Demand

    (d)

    Law of Diminishing returns

  7. 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

  8. The concept of consumer's surplus is associated with

    (a)

    Adam Smith

    (b)

    Marshall

    (c)

    Robbins

    (d)

    Ricardo

  9. Given potential price is Rs. 250 and the actual price is Rs. 200. find the consumer surplus.

    (a)

    375

    (b)

    175

    (c)

    200

    (d)

    50

  10. Indifference curve approach is based on

    (a)

    Ordinal approach

    (b)

    Cardinal approach

    (c)

    Subjective approach

    (d)

    Psychological approach

  11. The concept of elasticity of demand was intorduced by

    (a)

    Ferguson

    (b)

    Keynes

    (c)

    Adam Smith

    (d)

    Marshall

  12. Increase in demand is caused by

    (a)

    Increase in tax

    (b)

    Higher subsidy

    (c)

    Increase in interest rate

    (d)

    decline in population

  13. The movement on or along the given demand curve is known as______

    (a)

    extension and contraction of demand

    (b)

    shifts in the demand

    (c)

    increase & decrease in demand

    (d)

    all the above

  14. Utility analysis was developed by _____

    (a)

    Alfred Marshall and Adam Smith

    (b)

    Alfred Marshall and Prof. J.R. Hicks

    (c)

    Alfred Marshall and A.C. Pigou

    (d)

    Alfred Marshall and J.K. Easthan

  15. According to the law of diminishing marginal utility, the utility from the consumption of each additional unit starts _____

    (a)

    increasing

    (b)

    diminishing

    (c)

    multiplying

    (d)

    none of these

  16. Equi - Marginal Utility means equal marginal utilities derived from the consumption of more than_____

    (a)

    four goods

    (b)

    three goods

    (c)

    two goods

    (d)

    one good

  17. The concept of consumers surplus was introduced by ____

    (a)

    Alfred Marshall

    (b)

    J.R. Hicks

    (c)

    A.C. Pigon

    (d)

    J.K. Easthan

  18. The Indifference curve analysis was presented by _____

    (a)

    Alfred Marshall

    (b)

    J.R. Hicks

    (c)

    A.C. Pigon

    (d)

    J.K. Easthan

  19. The foundation for various other economic law is ____

    (a)

    Law of diminishing marginal utility

    (b)

    Law of equi-marginal utility

    (c)

    Consumer surplus

    (d)

    None of these

  20. __ is the other name given for Marshallian utility analysis.

    (a)

    Total utility

    (b)

    Cardinal utility analysis

    (c)

    Marginal utility

    (d)

    All of these

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

    (a)

    Equi - marginal

    (b)

    Marginal utility

    (c)

    Utility

    (d)

    Total utility

  22. Supply curve is ____

    (a)

    an upward sloping curve

    (b)

    a downward sloping curve

    (c)

    a horizontal straight line

    (d)

    a vertical line

  23. _____ of the following constitute 'demand' in economics

    (a)

    A desire to buy

    (b)

    A decision to buy

    (c)

    The purchasing power

    (d)

    All the above

  24. Giffen's goods are classified in to __ and __ goods.

    (a)

    Superior

    (b)

    Inferior

    (c)

    Both 'a' and 'b'

    (d)

    None

  25. The term 'ceteris paribus' means __

    (a)

    Speculation

    (b)

    Other things remaining constant

    (c)

    Veblen effect

    (d)

    Antoine Augustin Cournot

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