Question # 1

One of the following will not be the income of a person.

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Wages

Profit

Sccholarship

Salary

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

The goods used to produce income or wealth are.,

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Consumer goods

Manufactured goods

Merit goods

Capital goods

The price of an non-economic good is:

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Very low

Very high

Zero

Negative

Only those goods are priced in the market which have:

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Utility

Sacrcity

Transferability

All of the above

Law of Equi marginal utlility is a low of

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production of wealth

consumption of wealth

distribution of wealth

exchange of wealth

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

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Negatively

Positovely

Normally

Sub normally

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

Human wants are

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one thousand

few

innumerable

countable

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

MU curve

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rises left to right

is always vertical

falls left to right

is always horizontal

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

The value of a product depends upon.

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The number of dollars

The numbers of dollars which can be given in exchange for it

The current exchange rate.

None of them

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

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social group

consumer union

organisation

household

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

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Social goods

Capital goods

Consumer goods

Public goods

Utility and usefulness are

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equal

different

opposite

unrelated

Shopkeepers are also producers because in goods, they produce.

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Form utility

Time utility

Use utility

Place utility

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