Q.11)-Collective consumption means-
- Household consumption
- Individual consumption
- Self - consumption
- Consumption by the citizens of the country
Q.12)-The concept that under a system of free enterprise, it is consumers who decide what goods and services shall br produced and in what quantities is known as-
- Consumer protection
- Consumer's decision
- Consumer preference
- Consumer's sovereignty
Q.13)-If for any product X, total utility from 9 units is 20 and from 10 unit is 15, then Marginal utility is-
- -0.5
- 5
- 0.5
- -5
Q.14)-In economics, 'Utility' and 'usefulness' wors has.
- Same meaning
- Different meaning
- Opposite meaning
- None of the above
Q.15)-The Psychological law of consumption states that-
- Proportionate increase in consumption is less than proportionate increase in income
- Increase in income is equal to increase in consumption
- Increase in consumption is greater than increase in income
- Consumption does not change with a change in income
Q.16)-When Marginal Utility (MU) is zero, the Total Utility (TU) is-
- Minimum
- Increasing
- Maximum
- Decreasing
Q.17)-The marginal utility curve slopes downward from left to right indicating-
- A direct relationship between marginal utility and the stock of commodity
- A constant relationship between marginal utility and the stock of commodity
- A proportionate relationship between marginal utility and the stock of commodity
- An inverse relationship between marginal utility and the stock of commodity
Q.18)-The term utility means-
- Usefulness of a commodity
- The satisfacation in which a commodity yields
- The service which a commodity is capable of rendering
- None of the above
Q.19)-When Marginal Utility diminishes,total utility :
- Diminishes
- Increase
- Remains constant
- Increases at a diminshing rate
Q.20)-A utility function shows the relation between:
- The amount of goods consumed and a consumer's utility
- Income and a consumer's utility
- Prices and a consumer's utility
- Maximum utility and the prices and income facing a consumer
