Consumption Analysis Important Questions

11th Standard

Reg.No. :
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Economics

Time : 01:00:00 Hrs
Total Marks : 50
10 x 1 = 10
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. Utility analysis was developed by _____

(a)

(b)

Alfred Marshall and Prof. J.R. Hicks

(c)

Alfred Marshall and A.C. Pigou

(d)

Alfred Marshall and J.K. Easthan

5. 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

6. 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

7. The concept of consumers surplus was introduced by ____

(a)

Alfred Marshall

(b)

J.R. Hicks

(c)

A.C. Pigon

(d)

J.K. Easthan

8. The Indifference curve analysis was presented by _____

(a)

Alfred Marshall

(b)

J.R. Hicks

(c)

A.C. Pigon

(d)

J.K. Easthan

9. Ordinal Utility can be measured by

(a)

Ranking

(b)

Numbering

(c)

Wording

(d)

None of these

10. The indifference curve are

(a)

vertical

(b)

horizontal

(c)

positive sloped

(d)

negative

11. 5 x 2 = 10
12. Define utility.

13. Mention the classification of wants.

14. Define total utility.

15. Define budget line.

16. What do you mean by indifference map?

17. 5 x 3 = 15
18. Describe the feature of human wants

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

20. What are the assumptions of consumer's surplus?

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

22. Write the classification of wants.

23. 3 x 5 = 15
24. Explain the condition of consumer's equilibrium using indifference curve analysis.

25. What are the methods of measuring elasticity demand?

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