Consumers Equilibrium and Demand Test

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Consumers Equilibrium and Demand Test - 1

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Weekly Quiz Competition

Question 1
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Which of the following statements regarding utility is not true?

A
Utility is always measurable.

B
It is purely a subjective entity.

C
It is a satisfying power of a commodity.

D
It helps consumers to make choices.

Solution

Explanation:

Utility is a subjective concept and varies from person to person, at different times and at different places. There cannot be a standardised measure for utility. Therefore, the point that utility always measurable is not true.
Question 2
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Which of the following utility approach is based on the theory of Alfred Marshall?

A
Ordinal utility approach

B
None of these

C
Independent variable approach

D
Cardinal utility approach
Question 3
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_____________ is the addition to total utility by the consumption of one additional unit of the commodity?

A
Ordinal utility

B
Total utility

C
Average utility

D
Marginal utility
Question 4
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Which of the following utility approach suggests that utility is a measurable and quantifiable entity?

A
Cardinal approach

B
None of these

C
Both cardinal & ordinal

D
Ordinal approach
Question 5
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____________ shows various combinations of two goods that give same amount of satisfaction to the consumer?

A
Isocost curve

B
Marginal utility curve

C
Isoquant

D
Indifference curve
Question 6
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Indifference curve slopes___________?

A
Downward to the right

B
Upward to the left

C
Upward to the right

D
Downward to the left
Question 7
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_____________ is defined as the difference between what the consumer is willing to pay for a product and what he actually pays?

A
Optimum price

B
Consumer surplus

C
Consumer burden

D
Price gap
Question 8
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According to the law of diminishing marginal utility, _________?

A
Additional consumption always yields negative utility

B
Additional consumption always yields extra utility

C
Additional consumption leads to lower average total utility

D
After a point any addition in the consumption causes a reduction in total utility.
Question 9
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The want satisfying power of a commodity is known as:

A
Consumption

B
Demand

C
Utility

D
Supply
Question 10
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What is called point of satiety?

A
The point where marginal utility becomes zero.

B
None of above

C
The point where marginal utility becomes greater than zero

D
The point where marginal utility becomes less than zero

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Re-Attempt Weekly Quiz Competition

Consumers Equilibrium and Demand Test - 1

Result

Consumers Equilibrium and Demand Test - 1

Score

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Rank

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SHARING IS CARING

Question 1

Utility is always measurable.

It is purely a subjective entity.

It is a satisfying power of a commodity.

It helps consumers to make choices.

Solution

Question 2

Ordinal utility approach

None of these

Independent variable approach

Cardinal utility approach

Question 3

Ordinal utility

Total utility

Average utility

Marginal utility

Question 4

Cardinal approach

None of these

Both cardinal & ordinal

Ordinal approach

Question 5

Isocost curve

Marginal utility curve

Isoquant

Indifference curve

Question 6

Downward to the right

Upward to the left

Upward to the right

Downward to the left

Question 7

Optimum price

Consumer surplus

Consumer burden

Price gap

Question 8

Additional consumption always yields negative utility

Additional consumption always yields extra utility

Additional consumption leads to lower average total utility

After a point any addition in the consumption causes a reduction in total utility.

Question 9

Consumption

Demand

Utility

Supply

Question 10

The point where marginal utility becomes zero.

None of above

The point where marginal utility becomes greater than zero

The point where marginal utility becomes less than zero

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