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

11th Standard

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Economics

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

10 x 1 = 10
1. 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

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

(a)

(b)

Marshall

(c)

Robbins

(d)

Ricardo

3. Indifference curve approach is based on

(a)

Ordinal approach

(b)

Cardinal approach

(c)

Subjective approach

(d)

Psychological approach

4. 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

5. The concept of consumers surplus was introduced by ____

(a)

Alfred Marshall

(b)

J.R. Hicks

(c)

A.C. Pigon

(d)

J.K. Easthan

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

(a)

Equi - marginal

(b)

Marginal utility

(c)

Utility

(d)

Total utility

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

(a)

(b)

(c)

(d)

All the above

8. In Marshallian analysis, it is assumed that utility can be measured quantitatively in terms of units. These units are called _____

(a)

Utils

(b)

Utility

(c)

Luxuries

(d)

Comforts

9. If the co-efficient elasticity is equal to zero it represents __ supply.

(a)

Perfectly elastic

(b)

Unitary inelastic

(c)

Relatively elastic

(d)

Perfectly inelastic

10. Higher Indifference curve indicates ____

(a)

Higher level of satisfaction

(b)

Higher cost

(c)

Lower cost

(d)

Lower level of satisfaction