Pick the odd one out

(a)

Luxuries

(b)

Comforts

(c)

Necessaries

(d)

Agricultural goods

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

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

The concept of elasticity of demand was introduced by

(a)

Ferguson

(b)

Keynes

(c)

Adam Smith

(d)

Marshall

A consumer is in equilibrium when marginal utilities from two goods are

(a)

Minimum

(b)

Inverse

(c)

Equal

(d)

Increasing

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

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

_________ is the other name given for Marshallian utility analysis.

(a)

Total utility

(b)

Cardinal utility analysis

(c)

Marginal utility

(d)

All of these

There are __ kinds of price elasticity of demand.

(a)

Two

(b)

Three

(c)

Four

(d)

Five

Necessaries, comforts and luxuries are

(a)

Classification of goods & services

(b)

Classification of goods & wants

(c)

Classification of goods & Utility

(d)

None- of the above