Question # 1

The relationship between two variables that move in the same direction is called

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neutral

positive

independent

dependent

One of the following will not be an assumption of the law of diminishing marginal utility.

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Nature of the product should not changed

Mental condition of the consumer

Income of the consumer should not changed

None of the three

A bridge will be a

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Private good

Capital goods

Consumer good

Personal good

One of the following is not an exception to the law of diminishing marginal utility .

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Money

Knowledge

Music

Non of them

Who introduced indifference curves to explain consumer's beghavior

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J.R Hicks

Marshall

Robbins

Adam Smith

Marginal utility of a product is the utility obtained by consuming.

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First unit of consummption

Each additional unit of consumption

Last unit of consumption

None of the them

______ is a science which is concerned with the collection, presentation, and interpretation of numerical data

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Statistics

Economics analysis

Function

None of these

Law of diminishing marginal utility provides basis for:

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Law of demand

Law of supply

Laws of returns

Law of variable proportions

A statement of how one variable affects other variable is

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a quadrant

a variable

an assumption

a functional relationship

The first law of consumption was presented by.

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Robert Malthus

Loinel Robbins

Alfred Marshall

Pareto

Which is the general form of quadratic equation

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x²-x-20 = 0

ax²+bx +c = 0

x²- x -c =0

None of these

Total utility is maximised when.

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Marginal utility is zero

Marginal utility falls

Marginal utility rises

Non of the above

The maintain social status in life, a person requires.

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Bare necessities of life

Comforts of life

Luxuries of life

All of them

Law of equimarginal utility is also called.

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Law of substitution

Law of maximum social benefits

Law of economy

Law of maximum satisfaction

Initial utility of a product is :

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Highest

Lowest

Conatant

None of them

According to law of equi-marginal utility a consumer will maximises his total utility when

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He spends all his income on the product only

He spends more on one and less on the other

Marginal utility of the two goods are equalised

Not only the marginals utility of the two goods are equalised, but also the marginal utility of each good is equal to its price.

Constant are represented by symbol

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C

V

P

U

When marginal utility of a product is zero its total utility will be.

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Increase

Decreasing

Maximum

Constant

The utility of an additional unit of a product is

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Law of demand

Law of substitution

Law of supply

Law of diminishing marginal utility

A variable is a symbol which, during a discussion, may assume different values or a set of admissible values. This is the definition of

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Prof. Marshall

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Prof. Kneez

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