Question # 1

When marginal is negative, it must be true that

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the average is negative

the average is decreasing

the total is negative

the total is decreasing

.Which one is not an economic want.

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Want for food

Want to be a doctor

Want to fall in love

Non of the above

Utility of a product depends upon

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Knowledge

Ownership

Form

All of them

In economics, one or more persons sharing common consumer budget is called

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social group

consumer union

organisation

household

Human wants are

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one thousand

few

innumerable

countable

Utility is most closely related to the term

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useful

useless

necessary

satisfaction

The good which are used to produce more goods are.``

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Social goods

Capital goods

Consumer goods

Public goods

A consumer in equilibrium when marginal utilities are

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minimum

highest

equal

increasing

Economic wants.

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Can unlimited

Capital goods

Social goods

Public goods

MU curve

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rises left to right

is always vertical

falls left to right

is always horizontal

the term marginal in economics means

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unimportant

additional

the minimum unit

just barely passing

Law of substitution is another name for

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law of diminishing MU

law of equi-MU

law of demand

law of satisfaction

Only those goods are priced in the market which have:

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Utility

Sacrcity

Transferability

All of the above

Rotten eggs are

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free good

economic good

service

wealth

Goods which can satisfy human wants are.

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Consumer goods

Capital goods

Social goods

Public goods

The utility of durable consumer goods.

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Diminishes with the passage of time

Perishes, if not used

Can be obtained constantly

None of the three

Indifference curves are convex to the origin because

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two goods are perfect substitutes

two goods are imperfect substitutes

two goods are perfect complementary goods

goods area jointly demanded

If a person consumes goods X and Y maximises total utility, then MU per rupee from the two goods must be

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equal

unequal

increasing

decreasing

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