Check Your Performance
This Quiz for All Competitive Exam (PGT Teacher, PGT Commerce, UGC NET/JRF, UKSSSC, PSU Accountant, IBPS, SBI, PO/Clerk)
Q1. A consumer is in equilibrium when marginal utilities are:
A. Minimum
B. Highest
C. Equal
D. Increasing
Q2. In economics, one or more persons sharing common consumer budget is called:
A. Business firm
B. Gathering
C. Organisation
D. Household
Q3. The term ‘marginal’ in economics means:
A. Unimportant
B. Additional
C. The minimum unit
D. Just barely passing
Q4. 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
Q5. Demand curve slopes downward because of the law of:
A. Consumer equilibrium
B. Utility maximisation
C. Utility minimisation
D. Diminishing marginal utility
Q6. Law of Equi-marginal Utility is a law of:
A. Production of wealth
B. Consumption of wealth
C. Distribution of wealth
D. Exchange of wealth
Q7. When MU is positive, TU:
A. Increases
B. Decreases
C. Remains constant
D. Is highest
Q8. Indifference curves are convex to the origin because:
A. Two goods are perfect substitutes
B. Two goods are imperfect substitutes
C. Two goods are perfect complementary goods
D. None of the above
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