| 1 |
The name of first law of consumption is |
- A. Law of demand
- B. Law of diminishing marginal utility
- C. Law of equi marginal utility
- D. Law of supply
|
| 2 |
Slope of marginal utility curve is |
- A. Positive
- B. Negative
- C. Vertical
- D. Horizontal
|
| 3 |
Utility attained by the consumption of first unit of a commodity is called |
- A. Positive utility
- B. Negative utility
- C. Initial utility
- D. Zero utility
|
| 4 |
When marginal utility is positive, total utility: |
- A. Decreases
- B. Increases
- C. Zero
- D. All of them
|
| 5 |
The power of a good or service to satisfy a human want is called: |
- A. Value
- B. Price
- C. Utility
- D. All of them
|
| 6 |
To determine consumer's equilibrium, professor Marshall got help from the law |
- A. Law of diminishing marginal utility
- B. Law of equi marginal utility
- C. Law of demand
- D. Law of constant return
|
| 7 |
Who said that utility cannot be measured |
- A. Adam smith
- B. Marshall
- C. Keynes
- D. Hicks
|
| 8 |
Utility of a commodity is zero, when |
- A. Want is satisfied upto a certain extent
- B. Want is fully satisfied
- C. Utility is positive
- D. Want is not satisfied
|
| 9 |
Feature of a commodity to satisfy human want, is called |
- A. Value
- B. Usefulness
- C. Utility
- D. Wealth
|
| 10 |
When no satisfaction is attained by the consumption of a commodity, its marginal utility is |
- A. Zero
- B. Positive
- C. Negative
- D. Minimum
|
