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11th Economics Weekly Test - 3 (Consumption Analysis)

MABS Institution

11th Economics Weekly Test - 3 (Consumption Analysis)-Aug 2020

Time : 1.00 Hours

Part - A

Multiple Choice Question - Answer All Question

The Indifference curve analysis was presented by _____

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

A change in the quantity supplied is a response to a change in the price is called __

Elasticity of supply
Elasticity of demand
Concept of Elasticity
Unitary Elastic of supply

The Law of demand states the _________ relationship between price and quantity demand.

Positive
Inverse
Decreasing
Constant

Consumer's surplus is also known as____________.

Differential surplus
Elasticity of demand
Buyer's surplus
None

The __ principle is quite useful in explaining the "water diamond paradox"

Equi - marginal
Marginal utility
Utility
Total utility

When marginal utility becomes negative the total utility

Increases
Diminishes
Constant
Maximum

Human wants are classified in to

Necessaries and Laxuries
Luxuries and comforts
Necessaries and comforts
Necessaries, Comforts and Luxuries

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 cardinal utility approach was criticised by the English Economist

J.R.Hicks
R.GD. Allen
F.W. Edgeworth
J.M. Keynes

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

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

The degree of responsiveness of a change in demand for a product due to the change in the income is known as __________

Price elasticity of demand
Income elasticity of demand
Cross elasticity of demand.
Advertising elasticity of demand

The shape of unitary elastic demand (E_p = 1) curve is a ________.

Vertical line
Horizontal straight line
Rectangular hvberbola
Steeply sloping

Wants may be both __________ and complementary.

Alternative
Competitive
End
Essential

A final shape to the 'Indifference Curve Analysis' was given by ______

J.M. Keynes
Friedman
J.R.Hicks
Carlyle

'Extension' and 'contraction' of demand follow a change in _________

price
commodity
market
season

____________ means using up goods & services.

Consumption
Production
Selling
Buying

Demand curve in general cases slopes____________.

upward towards left
vertical and parallel to Y axis
downward from left to right
horizontal and parallel to X axis

The commodity consumed in the Law of Diminishing Marginal Utility is _______ in nature.

Homogenous
Homogenous
Scale of prefence
Production possibility curve

The locus of the points which gives same level of satisfaction is associated with

Indifference Curves
Cardinal Analysis
Law of Demand
Law of Supply

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

In 1906, the Edgeworth Approach was modified by ___________

Vilfredo Pareto
Friedman
Collin Cowdry
Paul Samuelson

"Demand in economics is the desire to possess something and the willingness and the ability to pay a certain price in order to possess it," says ________

J. Harvey
Gossen
Giffen
J.S.Mill

Indifference curve is_____________.

concave to the origin
convex to the origin
parallel to x - axis
parallel to y-axis

In case of expansion of demand, the quantity demanded_____________.

increases
decreases
becomes zero
becomes constant

_____ of the following constitute 'demand' in economics

A desire to buy
A decision to buy
The purchasing power
All the above

Choice is always constrained or limited by the____ of our resources.

Scarcity
Supply
Demand
Abundance

Utility is a ____________ .

Social concept
Subjective / Psychological concept
Political concept
Scientific concept

Utility can be measured and quantified under_____________.

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

Indifference curves are ________ to the orgin.

concave
convex
linear
straight

Ordinal Utility can be measured by

Ranking
Numbering
Wording
None of these

The indifference curve apporach was introduced by

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

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

Horizontal
Vertical
Steeper
Flatter

The concept of consumer's surplus is associated with

Adam Smith
Marshall
Robbins
Ricardo

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

The term 'ceteris paribus' means __

Speculation
Other things remaining constant
Veblen effect
Antoine Augustin Cournot

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