1 |
The power of a good or service to satisfy a human want is called: |
- A. Value
- B. Price
- C. Utility
- D. All of them
|
2 |
When marginal utility is positive, total utility: |
- A. Decreases
- B. Increases
- C. Zero
- D. All of them
|
3 |
The term marginal in economics means: |
- A. An additional unit
- B. Change in unit
- C. Last unit
- D. All of them
|
4 |
Which law provides the base of law of demand |
- A. Law of supply
- B. Law of diminishing marginal utility
- C. Law of equi marginal utility
- D. Law of decreasing return
|
5 |
After achieving point of Satiation the total utility starts |
- A. Rising
- B. Declining
- C. Remains constant
- D. None of these
|
6 |
Utility is related with |
- A. Usefulness
- B. Useless
- C. Necessities
- D. Desire
|
7 |
Objective of a rational consumer is |
- A. To save maximum amount from his limited income
- B. To buy goods at minimum price
- C. Best choice from existing economic goods
- D. To attain maximum utility from the spent amount
|
8 |
TU is maximum where MU of all goods is: |
- A. Minimum
- B. Maximum
- C. Negative
- D. Equal
|
9 |
When total utility is decreasing, marginal utility is |
- A. Zero
- B. Positive
- C. Negative
- D. Maximum
|
10 |
Total utility decreases when marginal utility is |
- A. Positive
- B. Negative
- C. Zero
- D. Maximum
|