| 1 |
Indifference curves are convex to the origin because |
- A. two goods are perfect substitutes
- B. two goods are imperfect substitutes
- C. two goods are perfect complementary goods
- D. goods area jointly demanded
|
| 2 |
Diminishing marginal utility is the basis of |
- A. law of supply
- B. law of demand
- C. laws of returns
- D. none of the above
|
| 3 |
A product which has value price in the market has. |
- A. Utility
- B. Scarcity
- C. Transferability
- D. All the three
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| 4 |
Goods which can satisfy human wants are. |
- A. Consumer goods
- B. Capital goods
- C. Social goods
- D. Public goods
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| 5 |
If a person consumes goods X and Y maximises total utility, then MU per rupee from the two goods must be |
- A. equal
- B. unequal
- C. increasing
- D. decreasing
|
| 6 |
A consumer's spending is restricted because of |
- A. marginal utility
- B. budget constraint
- C. demand curve
- D. unlimited wants
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| 7 |
In economics, one or more persons sharing common consumer budget is called |
- A. social group
- B. consumer union
- C. organisation
- D. household
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| 8 |
Economic wants. |
- A. Can unlimited
- B. Capital goods
- C. Social goods
- D. Public goods
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| 9 |
the term marginal in economics means |
- A. unimportant
- B. additional
- C. the minimum unit
- D. just barely passing
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| 10 |
Utility and usefulness are |
- A. equal
- B. different
- C. opposite
- D. unrelated
|