Consumers Equilibrium and Demand Test

Result

Consumers Equilibrium and Demand Test - 2

Score
-
out of -
Rank
-
out of -

TIME Taken - -

SHARING IS CARING

If our Website helped you a little, then kindly spread our voice using Social Networks. Spread our word to your readers, friends, teachers, students & all those close ones who deserve to know what you know now.

Weekly Quiz Competition

Question 1
1 / -0

Utility is measured in terms of?

A
Utils

B
Centimeter

C
Gram

D
Seconds

Solution

Measurement unit for utility is known as utils.
Question 2
1 / -0

The concept of marginal utility was developed by?

A
Robbins

B
Hicks & Allen

C
Alfred Marshall

D
Paul Samuelson

Solution

MU is the concept used in cardianl utility approch which was given by alferd marshal.
Question 3
1 / -0

Indifference curve represents?

A
More than two commodities

B
Less than two commodities

C
Four commodities

D
Only two commodities

Solution

An indifference curve is a graph showing combination of two goods that give the consumer equal satisfaction and utility.
Question 4
1 / -0

Consumer’s surplus is also known as?

A
Differential surplus

B
Elasticity of demand

C
Buyer’s surplus

D
Indifference surplus

Solution

buyer and consumer is the same person.
Question 5
1 / -0

An indifference curve is always?

A
Concave to the origin

B
A vertical straight line

C
Convex to the origin

D
L-shaped

Solution

In the case of normal goods indifference curve is always convex.
Question 6
1 / -0

Consumer’s equilibrium means?

A
The position which the consumer cannot attain because his income is low

B
The position of frequent movement in all directions

C
The point from where the consumer starts his consumption

D
The position of rest or maximum satisfaction with given income and prices

Solution

consumer equilibrium is a state of balance for the consumer from where he doesn’t want to move either forward or backward. This is achieved when consumer gets maximum satisfaction with given income and he doesn’t want to change his way of existing expenditure.
Question 7
1 / -0

MU1 + MU2 + ……..MUn represents?

A
Total utility of a commodity

B
Total average utility

C
Total marginal utility

D
None of the above

Solution

Total utility is the total satisfaction received from consuming a given totalquantity of a good or service. It is the sum of marginal utility which can be expressed as:

TU = (MU₁ + MU₂+ ............ MU_n)
Question 8
1 / -0

A budget constraint line is a result of?

A
Market price of commodity X

B
Income of the consumer

C
Market price of commodity Y

D
All of above

Solution

A budget constraint represents all the combinations of goods and services that a consumer may purchase given current prices within his or her given income.
Question 9
1 / -0

An indifference curve indicates, ceteris paribus?

A
Combinations of goods which yield to a producer different levels of satisfaction

B
Combinations of goods which yield to a consumer equal degrees of satisfaction

C
Combinations of goods which yield to a consumer different levels of satisfaction

D
A consumer’s preference for any two goods

Solution

An indifference curve is a graph showing combination of two goods that give the consumer equal satisfaction and utility. Each point on an indifference curve indicates that a consumer is indifferent between the two and all points give him the same utility.
Question 10
1 / -0

Utility of a good can be explained as a?

A
Satisfaction that a consumer derives from the consumption of a particular good.

B
Monetary value a consumer gains from consuming a particular good

C
Desire to consume

D
Difference between what a consumer is willing to pay and actually pays

Solution

Utility represents satisfaction experienced by the consumer from a good.

User

Question Analysis

Correct -
Wrong -
Skipped -

My Perfomance

Score
-
out of -
Rank
-
out of -

Re-Attempt Weekly Quiz Competition

Consumers Equilibrium and Demand Test - 2

Result

Consumers Equilibrium and Demand Test - 2

Score

-

Rank

-

SHARING IS CARING

Question 1

Utils

Centimeter

Gram

Seconds

Solution

Question 2

Robbins

Hicks & Allen

Alfred Marshall

Paul Samuelson

Solution

Question 3

More than two commodities

Less than two commodities

Four commodities

Only two commodities

Solution

Question 4

Differential surplus

Elasticity of demand

Buyer’s surplus

Indifference surplus

Solution

Question 5

Concave to the origin

A vertical straight line

Convex to the origin

L-shaped

Solution

Question 6

The position which the consumer cannot attain because his income is low

The position of frequent movement in all directions

The point from where the consumer starts his consumption

The position of rest or maximum satisfaction with given income and prices

Solution

Question 7

Total utility of a commodity

Total average utility

Total marginal utility

None of the above

Solution

Question 8

Market price of commodity X

Income of the consumer

Market price of commodity Y

All of above

Solution

Question 9

Combinations of goods which yield to a producer different levels of satisfaction

Combinations of goods which yield to a consumer equal degrees of satisfaction

Combinations of goods which yield to a consumer different levels of satisfaction

A consumer’s preference for any two goods

Solution

Question 10

Satisfaction that a consumer derives from the consumption of a particular good.

Monetary value a consumer gains from consuming a particular good

Desire to consume

Difference between what a consumer is willing to pay and actually pays

Solution

User

Question Analysis

My Perfomance

Score

-

Rank

-

Results Announcement on: coming Monday

Stay Tuned: We’ll update you on your result via email or SMS.