11th Standard EM - Economics - Consumption Analysis

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Question - 1

Pick the odd one out

  • A Luxuries
  • B Comforts
  • C Necessaries
  • D Agricultural goods

Question - 2

Choice is always constrained or limited by the of our____ resources.

  • A Scarcity
  • B Supply
  • C Demand
  • D Abundance

Question - 3

The chief exponent of the cardinal utility approach was

  • A J.R. Hicks
  • B R.G.D. Allen
  • C Marshall
  • D Stigler

Question - 4

Marginal utility is measured by using the formula of

  • A TUn - TUn-1
  • B TUn - TUn+1
  • C TUn + TUn+1
  • D TUn - TUn+1

Question - 5

When marginal utility reaches zero, the total utility will be

  • A Minimum
  • B Maximum
  • C Zero
  • D Negative

Question - 6

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

Question - 7

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

Question - 8

The concept of consumer's surplus is associated with

  • A Adam Smith
  • B Marshall
  • C Robbins
  • D Ricardo

Question - 9

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

Question - 10

Indifference curve approach is based on

  • A Ordinal approach
  • B Cardinal approach
  • C Subjective approach
  • D Psychological approach