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(iii) Goods

(iv) None of these

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(b) Welfare definition of Economics was given by:

(i) Adam Smith

(ii) Alfred Marshall

(iii) Lionel Robbins

(iv) Samuelson

(c) A book “The Nature and significance of Economic Science” is written by:

(i) Alfred Marshal

(ii) Lionel Robbins

(iii) Samuelson

(iv) Adam Smith

(d) The goods which satisfy human wants directly are called:

(i) Consumer’s goods

(ii) Producers’ goods

(iii) Public goods

(iv) Intermediate goods

(e) By making a table, a carpenter creates:

(i) Form utility

(ii) Place utility

(iii) Service utility

(iv) None of these

(f) The satisfaction of human want is called:

(i) Consumption

(ii) Production

(iii) Distribution

(iv) None of these

(g) Health is not wealth because it has no:

(i) Scarcity

(ii) Utility

(iii) Marketability

(iv) None of these

(h) Motor car for a busy doctor is a:

(i) Necessary

(ii) Comfort

(iii) Luxury

(iv) None of these

(i) When Marginal utility diminishes, total utility:

(i) Diminishes

(ii) Increases

(iii) Remains constant

(iv) Increases at a diminishing rate

(j) The law of equi-marginal utility is otherwise called as:

(i) Law of substitution

(ii) Law of diminishing MU

(iii) Law of negative returns

(iv) None of these

(k) The marginal utility curve is:

(i) Downward sloping

(ii) Upward sloping

(iii) Vertical

(iv) Horizontal

(l) “Change in demand” occurs due to the change in:

(i) Income

(ii) Prices of related goods

(iii) Taste and preference

(iv) All of these

(m) In case of perfectly elastic demand, demand curve becomes:

(i) Horizontal

(ii) Vertical

(iii) Downward sloping

(iv) None of these

(n) In case of Unitary elastic demand, the value of Ed is:

(i) Zero

(ii) One

(iii) Infinite

(iv) Greater than one

(o) The demand curve of Giffen goods is:

(i) downward sloping

(ii) upward sloping

(iii) horizontal

(iv) vertical

(p) When MU is zero, TU is:

(i) Zero

(ii) Negative

(iii) Increases

(iv) Maximum

(q) In case of perfectly elastic demand, the value of Ed is:

(i) One

(ii) Greater than one

(iii) Less than one

(iv) Infinite

(r) The elasticity of demand for goods used for alternative purposes is:

(i) Inelastic

(ii) Elastic

(iii) Infinite

(iv) None of these

(s) In case of perfect substitutes, the elasticity of demand is:

(i) Zero

(ii) Infinite

(iii) Greater than one

(iv) Less than one

(t) The demand for necessaries is:

(i) Elastic

(ii) Inelastic

(iii) Unitary elastic

(iv) Perfectly elastic

(u) Wrist watch for a college student is a:

(i) Necessary

(ii) Comforts

(iii) Luxury

(iv) None of these

(v) The demand for comforts is:

(i) Elastic

(ii) Inelastic

(iii) Unitary elastic

(iv) Perfectly elastic.

(w) In case of perfectly elastic, demand curve is:

(i) Vertical

(ii) Horizontal

(iii) Downward sloping

(iv) None of these

(x) In case of unitary elastic, demand curve is:

(i) Horizontal

(ii) Vertical

(iii) Rectangular hyperbola

(iv) None of these

(y) The demand for commodity on which a consumer spends more percentage of his income is:

(i) More elastic

(ii) Less elastic

(iii) Unity

(iv) None of these

(z) In case of relatively more elastic, demand curve is:

(i) Horizontal

(ii) Vertical

(iii) Steeper

(iv) Flatter

Answer:

(a) want, (b) Alfred Marshall, (c) Lionel Robbins, (d) Consumers’ good, (e) Form utility, (f) Consumption, (g) Marketability, (h) Necessary, (i) Increases at a diminishing rate, (j) Law of substitution, (k) Downward sloping, (1) All of these, (m) Horizontal, (n) One, (o) Vertical, (p) Maximum, (q) Infinite, (r) Elastic, (s) Infinite, (t) Inelastic, (u) Necessary, (v) Elastic, (w) horizontal, (x) Rectangular hyperbola, (y) More elastic, (z) Flatter.

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