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11th Economics Monthly Test - 1 ( Consumption Analysis )

MABS Institution

11th Economics Monthly Test - 1 ( Consumption Analysis )-Aug 2020

Time : 2.30 Hours

Part - A

Multiple Choice Question - Answer All Question

Utility can be measured by _________ numbers.

cardinal
ordinal
random
none

The famous 'diamond - water paradox' was explained by _______

Alfred Marshall
Adam Smith
Lionel Robbins
Paul Samuelson

Consumer's surplus was first mentioned by _________.

J.S. Mill
J.A. Dupuit
Karl Marx
Dalton

___________is the sum total of the utility derived from additional units of a commodity.

Average utility
Marginal utility
Total utility
Ordinal utility

Gossen second Law is known as

Law of Diminishing Marginal Utility
Law of Equi-Marginal Utility
Consumer Surplus
Elasticity of Demand

The movement on or along the given demand curve is known as______

extension and contraction of demand
shifts in the demand
increase & decrease in demand
all the above

Indifference curve approach is based on

Ordinal approach
Cardinal approach
Subjective approach
Psychological approach

Utility can be measured and quantified under_____________.

cardinal approach only
ordinal approach only
both (a) and (b)
none of these

Consumer surplus is highest in the case_____________.

necessities
luxuries
comfort
all of these

The basis for the law of demand is related to

Law of Diminishing Marginal Utility
Law of Supply
Law of Equi-Marginal Utility
Gossen's Law

Part - B

Generic 2 - Answer All Question

Mention few determinants of Demand?

What are the degrees of price elasticity of Demand?

What are called 'Luxuries'?

Definition of law of demand.
Define budget line.

What are called 'Comforts'?

Define 'Law of Demand' in the words of Marshall.

Mention the classification of wants.

Explain the following concepts of Marginal utility.

Define utility.

Part - C

Generic 3 - Answer All Question

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

What will be the nature of demand curve for the exceptions to the law of demand? Explain with the help of a diagram.

Mention the relationship between marginal utility and total utility.

What are the importance of elasticity of demand?

Distinguish between extension and contraction of demand.
Explain the concept of consumer's equilibrium with a diagram.

Explain briefly characteristics of Demand?

What are the assumptions of consumer's surplus?

Explain the theory of "consumer's surplus".

Explain the determinants of Elasticity of Demand.

Part - D

Generic 5 - Answer All Question

Elucidate the law of diminishing marginal utility with diagram.

Explain the law of demand and its exceptions.

Explain the law of demand and its exceptions.

What is Indifference curve map? Explain the properties of indifference curve with diagrams.

Explain the condition of consumer's equilibrium using indifference curve analysis.

Explain briefly Levels or degrees of Price Elasticity of Demand?

Explain the theory of Consumer's surplus with the help of a table and a diagram.

What are the methods of measuring Elasticity of demand?

Explain the 'Indifference curve Analysis' with the help 'of diagrams.
Elucidate the law of diminishing marginal utility with diagram.

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