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11th Economics Weekly Test - 1 ( Consumption Analysis )

MABS Institution

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

Time : 1.30 Hours

Part - A

Multiple Choice Question - Answer All Question

In Marshallian analysis, it is assumed that utility can be measured quantitatively in terms of units. These units are called _____

Utils
Utility
Luxuries
Comforts

The Indifference curve analysis was presented by _____

Alfred Marshall
J.R. Hicks
A.C. Pigon
J.K. Easthan

Utility is a ____________ .

Social concept
Subjective / Psychological concept
Political concept
Scientific concept

Marginal utility approach to demand was given by_____________.

J. R. Hicks
Marshall
Robbins
Pigou

Giffen goods are classified in to and___ goods.

Superior
Inferior
Both (a) and (b)
None of the above

The indifference curve approach is based on the concept

Diminishing marginal rate of substitution
The law of maximum satisfaction
Single mode commodity
All the above

___________shows various combinations of two products that give the same amount of satisfaction.

Iso cost curve
Indifference curve
Marginal Utility curve
Iso quanct

According to the law of diminishing marginal utility, the utility from the consumption of each additional unit starts _____

increasing
diminishing
multiplying
none of these

Marginal utility is measured by using the formula of

TU_n - TU_n-1
TU_n - TU_n+1
TU_n + TU_n+1
TU_n - TU_n+1

The Law of Equi-Marginal Utility' is also called as _________

Law of demand
Law of supply
Law of substitution
Law of gravitation

Part - B

Generic 2 - Answer All Question

What is meant by marginal rate of substitution?

Explain Law of Demand?
Describe the Demand Function?

State the Criticism made on 'Consumer's Surplus'.

What are called 'Comforts'?

Part - C

Generic 3 - Answer All Question

Distinguish between extension and contraction of demand.

Explain the different types of Elasticity of Demand.

Explain the relationship between price elasticity of demand and slope of a linear demand curve.

How can Goods (Wants) be classified? Explain.
What will be the nature of demand curve for the exceptions to the law of demand? Explain with the help of a diagram.

Part - D

Generic 5 - Answer All Question

Explain the Importance of elasticity of Demand ?

What are the methods of measuring elasticity demand?

Explain the indifference curve approach?

What are the reasons for Exceptional Demand curve?
Explain the law of demand and its exceptions.

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