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11th Economics Monthly Test - 2 ( Consumption Analysis )

MABS Institution

11th Economics Monthly Test - 2 ( Consumption Analysis )-Aug 2020

Time : 2.30 Hours

Part - A

Multiple Choice Question - Answer All Question

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

Conspicuous goods are called____________.

Necessary goods
Prestige goods
Giffen goods
Basic goods

Indifference curve replaces the concept of marginal utility with the concept of the _________

Marginal rate of substitution
Law of Returns to scale
Law of variable proportions
Producers equilibrium

The foundation for various other economic law is ____

Law of diminishing marginal utility
Law of equi-marginal utility
Consumer surplus
None of these

The indifference curve apporach was introduced by

Alfred marshal
Lional Robbins
J.R.Hicks and R.G.D Allen
Adam smith

Elasticity of demand in equal to one Indicates

Unitary Elastic Demand
Perfectly Elastic Demand
Perfectly Inelastic Demand
Relatively Elastic Demand

The total area under the demand curve of a product measure______________.

Marginal utility
Total utility
Consumer's surplus
Producer's surplus

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

Horizontal
Vertical
Steeper
Flatter

Necessaries, conforts and luxuries are

Classification of goods & services
Classification of goods & wants
Classification of goods & Utility
None- of the above

Price elasticity of demand is defined as the responsiveness of_____________.

price to a change in quantity demanded
quantity demanded to change in price
price to a change in income
quantity demanded to a change in income

Part - B

Generic 2 - Answer All Question

Mention a few exceptions to the law of Diminishing Marginal Utility.

When the demand is elastic?

What are the types of Elasticity of demand?

Define Marginal Rate of Substitution.

State the law of Diminishing Marginal Utility (DMU) as given by Marshall.

Definition of law of demand.

What do you mean by indifference map?

Part - C

Generic 3 - Answer All Question

Explain the theory of "consumer's surplus".

What are the properties of indifference curves?

What are the assumptions of consumer's surplus?

Distinguish between extension and contraction of demand.

Briefly explain the concept of consumer's equilibrium.

When does a shift in the demand curve occur? Explain the shift in the demand curve with the help of a diagram.

What are the determinants of Demand? Explain.

Part - D

Generic 5 - Answer All Question

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

Explain the law of demand and its exceptions.

Elucidate the law of diminishing marginal utility with diagram.

What is Indifference curve map? Explain the properties of indifference curve with diagrams.
Changes in Tastes and fashions the demand for some goods and services is very suscrptible to change in tastes and fashions?

Explain the law of Equi - marginal utility

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

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