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Consumption Analysis

Consumption Analysis

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Question 1
Pick the odd one out
A
Luxuries
B
Comforts
C
Necessaries
D
Agricultural goods
Question 2
Choice is always constrained or limited by the _____ of our resources.
A
Scarcity
B
Supply
C
Demand
D
Abundance
Question 3
The chief exponent of the Cardinal utility approach was
A
J.R.Hicks
B
R.G.D.Allen
C
Marshall
D
Stigler
Question 4
Marginal Utility is measured by using the formula of a
A
TUn-TUn-1
B
TUn-TUn+1
C
TUn+TUn+1
D
TUn-TUn+1
Question 5
When marginal utility reaches zero, the total utility will be
A
Minimum
B
Maximum
C
Zero
D
Negative
Question 6
Gossen’s first law is known as.
A
Law of equi-marginal utility
B
Law of diminishing marginal utility
C
Law of demand.
D
Law of Diminishing returns.
Question 7
The basis for the law of demand is related to
A
Law of diminishing marginal utility
B
Law of supply
C
Law of equi-marginal utility.
D
Gossen’s Law
Question 8
The concept of consumer’s surplus is associated with
A
Adam Smith
B
Marshall
C
Robbins
D
Ricardo
Question 9
Given potential price is Rs.250 and the actual price is Rs.200. Find the consumer surplus
A
375
B
175
C
200
D
50
Question 10
Indifference curve approach is based on
A
Ordinal approach
B
Cardinal approach
C
Subjective approach
D
Psychological approach
Question 11
The concept of elasticity of demand was introduced by
A
Ferguson
B
Keynes
C
Adam Smith
D
Marshall
Question 12
Increase in demand is caused by
A
Increase in tax
B
Higher subsidy
C
Increase in interest rate
D
decline in population
Question 13
The movement on or along the given demand curve is known as____
A
Extension and contraction of demand
B
shifts in the demand.
C
increase and decrease in demand
D
all the above
Question 14
In case of relatively more elastic demand the shape of the curve is
A
Horizontal
B
Vertical
C
Steeper
D
Flatter
Question 15
A consumer is in equilibrium when marginal utilities from two goods are
A
Minimum
B
Maximum
C
Equal
D
Increasing
Question 16
Indifference curve was first introduced by
A
Hicks
B
Allen
C
Keynes
D
Edgeworth
Question 17
Elasticity of demand is equal to one indicates
A
Unitary Elastic Demand
B
Perfectly Elastic Demand
C
Perfectly Inelastic Demand
D
Relatively Elastic Demand
Question 18
The locus of the points which gives same level of satisfaction is associated with
A
Indifference Curves
B
Cardinal Analysis
C
Law of Demand
D
Law of Supply
Question 19
Ordinal Utility can be measured by
A
Ranking
B
Numbering
C
Wording
D
None of these
Question 20
The indifference curve are
A
vertical
B
horizontal
C
positive sloped
D
Negatively sloped
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There are 20 questions to complete.

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