MCQ Economics

What shows by the above demand curve?

(a)          Increase in Demand        (b)          Decrease in Demand
(c)           Extension of Demand    (d)          Contraction of Demand

According by utility analysis, ‘Utility is_______________.

(a)          catrdinal concept             (b)  ordinal concept

cardinal and ordinal concept

None of these

It is _______ derived from the consumption of all the units of a commodity

(a)          marginal utility  (b)          total utility
(c)           average utility   (d)          consumer equilibrium

What term is used for additional utility an account of the consumption of an additional unit of a commodity.

(a)          Total utility          (b)          average utility
(c)           marginal utility  (d)          None of these

When marginal utility is negative, total utility ___________

(a)          TU starts increasing         (b)          TU starts diminishing
(c)           TU becomes zero             (d)          TU becomes negative

“As more and more units a commodity are consumed marginal utility derived from every additional unit must decline”, The name of law is _________.

Law of diminishing marginal utility

Law of demand

Law of supply

consumer equilibrium

Which of the following condition implies in consumer equilibrium in case of one commodity?

(a)                          MUm     Px       (b)          MUx       MUm

MUx                      Px

(c)                           Px            MUm (d)  None of these

MUx

Marginal utility of money in Marginal utility analysis.

(a)          constant                                              (b)          increases
(c)           decreases                                           (d)          None of these
9.   What happens when               MUx                   MUy
Px                           Py

increase in consumption of X & Y

decrease in consumption of X & Y

increase in consumption of X

increase in consumption of X and decrease in consumption of Y.

In case of two commodities a consumer strikes equilibrium when

(a)          MUx                                   MUy       MUm (b)          MUx                   MUy
Px                                                                                                           Px                                           Py
Py
(c)           MUx                   MUy                      (d)          Px                        Py
MUx                      MUy
Px                                                           Py

This shows different combinations of two goods which a consumer can attain by given his income and market prices of the goods.

(a)          Budget set          (b)          indifference map
(c)           indifference curve           (d)          marginal rate of substitution

Which of the following is not a characteristic of indifference curve

IC is convex to the origin

Higher IC indicates higher level of satisfaction

ICs do not intersect each other

Concave to the origin

Which of the following is not a determinations of individual demand function

(a)          Distribution of Income   (b)          Price
(b)          Income of Consumer     (d)          Taste and preferences

14.

Price (Rs.)                            Demand (Units)
20                           80
20                           100
Name the type of demand by the above example
(a)          contraction of demand  (b)          expansion of demand
(c)           increase in demand        (d)          decrease in demand

15.

Prices    Quantity Demanded       Total Expenditure
(Rs.)       (Units)  (Rs.)
16           200         3200
20           160         3200

(a)          greater than unitary       (b)          less than unitary elasticity
(c)           unitary elastic demand  (d)          Infinite

1. (c); 2. (a); 3. (b); 4. (c); 5. (b); 6. (a); 7. (b); 8. (a); 9. (d); 10. (a); 11. (a); 12. (d);

(a); 14. (c); 15. (c)

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