Which of the following statements is true?
Anonymous Quiz
19%
Microeconomics is concerned chiefly with the economy as a whole.
21%
Macroeconomics is concerned chiefly with individual markets.
22%
Governments have no influence over market prices.
37%
economists study the price in a market
👍9👎3
Which of the following statements reflect the correct situation related to the allocation of the resources?
Anonymous Quiz
33%
Allocation of the resources comes under the causes of economic problems
25%
Allocation of the resources comes under the causes of opportunity cost
27%
Allocation of the resources comes under the causes of central problems
15%
Allocation of the resources comes under the causes of marginal demand
👍8👎2
Which of the following statements is the actual meaning of scarcity?
Anonymous Quiz
14%
The actual meaning of scarcity is that there is an increase in the resources
67%
The actual meaning of scarcity is that there is a shortage in the resources
13%
The actual meaning of scarcity is that there is no change in the resources
5%
None of the above
👍12
_______________ was the exponent of welfare economics.
Anonymous Quiz
39%
Adam Smith
35%
Alfred Marshall
14%
Lionel Robbins
13%
J.M Keynes
👍8
Robbins definition of economics is about the existence of _________________
Anonymous Quiz
14%
Moral problem
30%
Social problem
16%
Political Problem
40%
Economic problem
👍11👎2
What does the term ‘marginal’ in economics mean?
Anonymous Quiz
55%
Additional
10%
Unimportant
29%
Minimum unit
6%
None of the above
🥰9👍8👎1
Which of the following must be true when the marginal is negative?
Anonymous Quiz
26%
The average is positive.
25%
The average is negative.
42%
The total is decreasing.
8%
The total is negative.
👍8👎1
Utility is generally related to?
Anonymous Quiz
64%
Satisfaction
18%
Necessary
8%
Useless
10%
Useful
👍6👎3
When the marginal utility is equal to zero, what will the total utility be?
Anonymous Quiz
49%
Maximum
23%
Laws of return
22%
Minimum
7%
None of the above
👍4👎2
Consumer is said to be in equilibrium, maximizing his total utility, when
Anonymous Quiz
26%
The marginal utilities of the two goods consumed are equal.
28%
The proportions of the marginal utilities and respective prices are equal.
32%
The consumer gets full satisfaction from the consumption.
14%
The consumer feels satisfied with his expenditure on the various goods.
👍8
Which one of the following is not the basic assumption of Cardinal Utility analysis?
Anonymous Quiz
15%
Rationality of Consumer.
29%
Utility cardinally measurable.
31%
Diminishing marginal utility of money.
25%
Hypothesis of independent utilities.
👍10👎2
There are no exceptions to the Law of demand in the case of
Anonymous Quiz
36%
Giffen goods
28%
Normal Goods
25%
Articles of conspicuous consumption
11%
Ignorance of the buyer
👍12👎4
Which of the following is the basis of diminishing marginal utility?
Anonymous Quiz
54%
Law of demand
23%
Laws of return
17%
Law of supply
6%
None of the above
👍12👎1
What is the law that defines the demand curve to slope downward known as?
Anonymous Quiz
59%
Diminishing marginal utility
19%
Utility maximisation
12%
Utility minimisation
10%
Consumer equilibrium
👍6
Why is a consumer spending restricted?
Anonymous Quiz
25%
Due to the utility maximization
41%
Due to the budget constraint
16%
Due to the demand curve
17%
Due to the marginal utility
👍6👎2
Moving along an indifference curve the:
Anonymous Quiz
17%
Consumers prefer some of the consumption points to others.
48%
Marginal rate of substitution for a good increase as more of the good is consumed.
27%
Marginal rate of substitution is constant.
9%
Consumers do not prefer one consumption point to another.
👍8
the slope of the indifference curve is equal to which of the following?
Anonymous Quiz
13%
One
33%
Marginal utility
48%
Marginal rate of substitution
6%
None of these
👍8
Why is the indifference curve convex to origin?
Anonymous Quiz
21%
Due to continuous decline of marginal rate of substitution
40%
Due to law of diminishing marginal utility
17%
Due to monotonic preferences
21%
Both a and b
👍6👎1
which of the following is not the property of indifference curves?
Anonymous Quiz
24%
Higher the indifference curve, higher is the level of satisfaction.
23%
Indifference curve is downward sloping.
37%
Indifference curve is concave to origin.
16%
Two indifference curves cannot intersect each other.
👍8
Hicks and Allen believed that utility:
Anonymous Quiz
31%
Can be measured in cardinal numbers
39%
Can be measured in ordinal numbers
21%
Cannot be measured
8%
Cannot be expressed
👍10