Question # 1

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

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.

A contour line which slopes downward from left to right and yield equal level of satisfaction to consumer with the given income is.

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Negatively slop curve

An indifference curve

Positively sloped Curve

None of the above

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

To measure changes in purchasing power of money, we use

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percentages

index numbers

averages

variables

Who introduced indifference curves to explain consumer's beghavior

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J.R Hicks

Marshall

Robbins

Adam Smith

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

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

A ______ is something which is measurable and can take on different values

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Variable

Constant

Both a and b

None of these

According to law of diminishing marginal utilities , a consumer maximises his total utility where.

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MU_a = MP_a

MU_a = AU_a

MU_a = TC_a

MU_a = P_a

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

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neutral

positive

independent

dependent

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

How many kinds of Function

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2

3

4

5

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

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Increase

Decreasing

Maximum

Constant

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

if X and Y scales are the same a line making 45-degree angle with X-axis has slope

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1/4

1/2

1

constant

Total utility is maximised when.

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Marginal utility is zero

Marginal utility falls

Marginal utility rises

Non of the above

Law of equi marginal utility provides basis for.

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Equal distribution of wealth

Economy in taxation

Law of diminishing returns

Law of constant returns

How many kinds of equations?

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4

3

2

5

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