Consumption Analysis Important Questions

11th Standard

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Economics

Answer all the questions

Time : 02:00:00 Hrs
Total Marks : 50
    10 x 1 = 10
  1. When marginal utility reaches zero, the total utility will be

    (a)

    Minimum

    (b)

    Maximum

    (c)

    Zero

    (d)

    Negative

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

    (a)

    Adam Smith

    (b)

    Marshall

    (c)

    Robbins

    (d)

    Ricardo

  3. In case of relatively more elastic demand the shape of the curve is

    (a)

    Horizontal

    (b)

    Vertical

    (c)

    Steeper

    (d)

    Flatter

  4. The concept of consumers surplus was introduced by ____

    (a)

    Alfred Marshall

    (b)

    J.R. Hicks

    (c)

    A.C. Pigon

    (d)

    J.K. Easthan

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

    (a)

    A desire to buy

    (b)

    A decision to buy

    (c)

    The purchasing power

    (d)

    All the above

  6. The indifference curve are

    (a)

    vertical

    (b)

    horizontal

    (c)

    positive sloped

    (d)

    negative

  7. 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

  8. The point of intersection of demand and supply curves is known as_____

    (a)

    Equilibrium

    (b)

    Disequilibrium

    (c)

    Partially equilibrium

    (d)

    General equilibrium

  9. Giffen goods are classified in to ________and___________ goods.

    (a)

    Superior

    (b)

    Inferior

    (c)

    Both (a) and (b)

    (d)

    None of the above

  10. Wants may be both __________ and complementary.

    (a)

    Alternative

    (b)

    Competitive

    (c)

    End

    (d)

    Essential

  11. 5 x 2 = 10
  12. Write the formula of consumers surplus?

  13. What do you mean by indifference map?

  14. What are the degrees of price elasticity of demand?

  15. Mention few determinants of Demand?

  16. Define 'Consumer's surplus' in the words of Marshall.

  17. 5 x 3 = 15
  18. Explain the theory of "Consumer's surplus"

  19. Briefly explain the concept of consumer's equilibrium?

  20. Explain the shift in the demand curve with the help of a diagram?

  21. How can Goods (Wants) be classified? Explain.

  22. What are the importance of elasticity of demand?

  23. 3 x 5 = 15
  24. Explain the law of Equi - marginal utility

  25. Explain briefly Levels or degrees of Price Elasticity of Demand?

  26. Define Price Elasticity of demand and explain the different levels or degrees of price elasticity of demand.

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