Question # 1

Human wants are

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one thousand

few

innumerable

countable

The quality of commodity that satisfies some human want or need is called

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service

demand

utility

efficiency

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

Only those goods are priced in the market which have:

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Utility

Sacrcity

Transferability

All of the above

.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

When MU is positive, TU

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increases

decreases

remains constant

is maximum

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

Diminishing marginal utility is the basis of

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law of supply

law of demand

laws of returns

none of the above

the term marginal in economics means

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unimportant

additional

the minimum unit

just barely passing

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

The goods used to produce income or wealth are.,

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Consumer goods

Manufactured goods

Merit goods

Capital goods

The number of goods and services which one unit of a product can command in exchange for it is its.

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Value of money

Value in exchange

Price

Utility

General price level and real income of the people are correlated with each other

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Negatively

Positovely

Normally

Sub normally

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

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Social goods

Capital goods

Consumer goods

Public goods

If a consumer moves upward along an indifference curve, his total utility

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falls to zero

does not change

increases

decreases

Utility of a product depends upon

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Knowledge

Ownership

Form

All of them

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

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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