Pick the odd one out

(a)

Luxuries

(b)

Comforts

(c)

Necessaries

(d)

Agricultural goods

Choice is always constrained or limited by the _______ of our resources.

(a)

Scarcity

(b)

Supply

(c)

Demand

(d)

Abundance

The chief exponent of the cardinal utility approach was

(a)

J.R. Hicks

(b)

R.G.D. Allen

(c)

Marshall

(d)

Stigler

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

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

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

The concept of consumers surplus was introduced by ____

(a)

Alfred Marshall

(b)

J.R. Hicks

(c)

A.C. Pigon

(d)

J.K. Easthan

The Indifference curve analysis was presented by _____

(a)

Alfred Marshall

(b)

J.R. Hicks

(c)

A.C. Pigon

(d)

J.K. Easthan

Ordinal Utility can be measured by

(a)

Ranking

(b)

Numbering

(c)

Wording

(d)

None of these

The indifference curve are

(a)

vertical

(b)

horizontal

(c)

positive sloped

(d)

Negatively sloped

Define utility.

Mention the classifications of wants

Define total utility.

Define budget line.

What do you mean by indifference map?

Describe the feature of human wants

Mention the relationship between marginal utility and total utility.

What are the assumptions of consumer's surplus?

Explain the relationship between price elasticity of demand and slope of a linear demand curve.

Write the classification of wants.

Explain the condition of consumer's equilibrium using indifference curve analysis.

What are the methods of measuring elasticity of demand?

What is Indifference curve map? Explain the properties of indifference curve with diagrams.