Practice Test

Q1) Which of the following statement is correct in relation to "utility"? Show Answer

Q2) Utility and usefulness are not same. Show Answer

Q3) In economic theory, utility can be measured by;_______ Show Answer

Q4) _______ is one where it is assumed that utility can be measured in terms of number like 1, 2,3,4, & 5 Show Answer

Q5) _______ an Italian Economist severely criticised the concept of cardinal utility. Show Answer

Q6) ______, following the footsteps of Pareto, introduced the approach of ordinal utility Show Answer

Q7) According to the _______, a Consumerhas a given scale of preference or different combinations of two goods. It is assumed that the consumer can rank the goods like ist, 2nd, 3rd & 4th etc. Show Answer

Q8) Marshall advocated that utility of good to the consumer should be measured in units of money which the consumer is willing to pay for buying the commodity. Show Answer

Q9) _________ is the summation of utilities derived from all the 'n' units Show Answer

Q10) If the total utility is divided by number of units it is known as __________ Show Answer

Q11) The additional satisfaction of a consumer gains from consuming one more unit of a good or a service is____________ Show Answer

Q12) At the time of consumption of ________ Total utility, Aaverage utility and Marginal utility are same Show Answer

Q13) If the marginal utility is zero:___________ Show Answer

Q14) ___________ states that as the stock of a commodity increases with the consumer, its marginal utility to the consumer decreases. Show Answer

Q15) The law of diminishing marginal utility states that as the stock of the commodity increase with the consumer, its _________ to the consumer decreases Show Answer

Q16) The law of diminishing marginal utility States that as the stock of the commodity ___________ with the consumer, its marginal utility to the consumer______ Show Answer

Q17) _______ says that, " the additional benefit which a person derives from the given increase in the stock of the commodity diminishes with every increase in the stock that he already has." Show Answer

Q18) The Law of diminishing marginal utility states that as the stock of the commodity decreases with the consumer, its marginal utility to the consumer decreases. Show Answer

Q19) Which of the following thing is applicable for law of diminishing marginal utility? Show Answer

Q20) Which of the following assumptions is applicable for law of diminishing marginal utility? Show Answer

Q21) Which of the following assumption is not applicable for law of diminishing marginal utility? Show Answer

Q22) Marginal utility of a goods may also increase, if the want of the consumer s intensified by consuming a very small quantity of it ( such as, a very little quantity of water given to a very thirsty person) Show Answer

Q23) Which of the following is not exception to the law of Diminishing marginal utility? Show Answer

Q24) The concept of marginal utility plays a central role in _________ Show Answer

Q25) Which of the following is limitation of law of Diminishing marginal utility? Show Answer

Q26) _______ states that consumer distributes his expenditure between different goods in such a way that the marginal utility derived from the last rupee spent on each good is the same. Show Answer

Q27) As per law of equi-marginal utility the consumer's equilibrium will change if there is a change in _____. Show Answer

Q28) The law of equimarginal utility was stated by ________ Show Answer

Q29) ________is the situation When a consumer secures maximum satisfaction out of his expenditure. Show Answer

Q30) Consumer attains the equilibrium position at a point when he maximizes his total utility given his income and price of commodities he consumes. Show Answer

Q31) As per ________aconsumer with a single commodity attains equilibrium at a point where;MU=price Show Answer

Q32) Which of the following approach can be utilised for determining consumer behaviour? Show Answer

Q33) ________ gave a significant contribution in the study of consumer behaviour. Show Answer

Q34) Which of the following assumption is applicable under the Marshallian approach of consumer behaviour? Show Answer

Q35) Which of the following assumption is applicable under the Marshallian approach of consumer behaviour? Show Answer

Q36) __________ is a curve which represents all those combinations of goods which give same level of satisfaction to the consumer. Show Answer

Q37) An indifference curve which was introduced by _____________ Show Answer

Q38) An indifference curve which represents all those combinations of goods which give ________ level of satisfaction to the consumer Show Answer

Q39) An indifference curve ________ Show Answer

Q40) An indifference curves are always _____. Show Answer

Q41) Indifference curves can intersects each other. Show Answer

Q42) Higher level of indifference curve shows lower level of satisfaction. Show Answer

Q43) Indifference curve cannot touch to X-axis. Show Answer

Q44) indifference curve can touch to y-axis. Show Answer

Q45) _______represents the various combinations of two goods which can be purchased with a given money income and assumed prices of goods. Show Answer

Q46) Should a consumer move upward along an indifference curve, his total utility _____________ Show Answer

Q47) Which of the following can be treated as limitation of the law of equi-marginal utility
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Q48) On which of the following assumption an indifference approach is based?
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