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11th Standard Economics Consumption Analysis English Medium Free Online Test One Mark Questions 2020 - 2021

11th Standard

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Economics

Time : 00:10:00 Hrs
Total Marks : 10

    Answer all the questions

    10 x 1 = 10
  1. Pick the odd one out

    (a)

    Luxuries

    (b)

    Comforts

    (c)

    Necessaries

    (d)

    Agricultural goods

  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. 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

  4. The concept of elasticity of demand was intorduced by

    (a)

    Ferguson

    (b)

    Keynes

    (c)

    Adam Smith

    (d)

    Marshall

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

    (a)

    Minimum

    (b)

    Maximum

    (c)

    Equal

    (d)

    Increasing

  6. 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

  7. 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

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

    (a)

    Total utility

    (b)

    Cardinal utility analysis

    (c)

    Marginal utility

    (d)

    All of these

  9. There are __ kinds of price elasticity of demand.

    (a)

    Two

    (b)

    Three

    (c)

    Four

    (d)

    Five

  10. Necessaries, conforts and luxuries are

    (a)

    Classification of goods & services

    (b)

    Classification of goods & wants

    (c)

    Classification of goods & Utility

    (d)

    None- of the above

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