CSS :: Utility and Consumer Behavior
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1. |
Rotten eggs are: |
A. |
Free good |
B. |
Economic good |
C. |
Service |
D. |
Wealth |
Answer: Option A
Explanation:
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2. |
Human wants are: |
A. |
One thousand |
B. |
Few |
C. |
Innumerable |
D. |
Countable |
Answer: Option C
Explanation:
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3. |
A consumer is in equilibrium when marginal utilities are: |
A. |
Minimum |
B. |
Highest |
C. |
Equal |
D. |
Increasing |
Answer: Option C
Explanation:
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4. |
In economics, one or more persons sharing common consumer budget is called: |
A. |
Business firm |
B. |
Gathering |
C. |
Organisation |
D. |
Household |
Answer: Option D
Explanation:
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5. |
When marginal is negative, it must be true that: |
A. |
The average is negative |
B. |
The average is decreasing |
C. |
The total is negative |
D. |
The total is decreasing |
Answer: Option D
Explanation:
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6. |
The term 'marginal' in economics means: |
A. |
Unimportant |
B. |
Additional |
C. |
The minimum unit |
D. |
Just barely passing |
Answer: Option B
Explanation:
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7. |
Utility is most closely related to the term: |
A. |
Useful |
B. |
Useless |
C. |
Necessary |
D. |
Satisfaction |
Answer: Option D
Explanation:
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8. |
Demand curve slopes downward because of the law of: |
A. |
Consumer equilibrium |
B. |
Utility maximisation |
C. |
Utility minimisation |
D. |
Diminishing marginal utility |
Answer: Option D
Explanation:
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9. |
A consumer's spending is restricted because of: |
A. |
Marginal utility |
B. |
Budget constraint |
C. |
Demand curve |
D. |
Utility maximisation |
Answer: Option B
Explanation:
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10. |
Law of substitution is another name for law of: |
A. |
Law of Diminishing MU |
B. |
Law of Equi-MU |
C. |
Law of Demand |
D. |
Satisfaction |
Answer: Option B
Explanation:
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