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Question-1
___________ sets the highest price limit of a commodity.
(A)
Average utility
(B)
Marginal utility
(C)
Total utility
(D)
none of these
Question-2
The Maximum price that the consumer would like to pay for the good would be equal to ___________.
(A)
Marginal utility
(B)
Average utility
(C)
total utility
(D)
None of these
Question-3
Rightward shifts in the supply curve results in __________ in the equilibrium price and _________ in the equilibrium quantity.
(A)
Decrease, decrease
(B)
Decrease, increase
(C)
Increase, increase
(D)
none of these
Question-4
_________ is the additional utility gets due to consumption of one more unit of the commodity
(A)
Average utility
(B)
marginal utility
(C)
Total utility
(D)
none of these
Question-5
The price at which quantity demanded equals quantity supplied is known as _________.
(A)
Disequilibrium price
(B)
equilibrium price
(C)
Inequilibrium Price
(D)
None of these
Question-6
___________ have no role in the competitive market in the determination of price
(A)
producers
(B)
sellers
(C)
consumers
(D)
none of these
Question-7
A decrease in the supply of a commodity results in ___________ shift in demand curve.
(A)
Rightward
(B)
leftward
(C)
parallel
(D)
vertical
Question-8
An increase in supply of a commodity results in _________ shift in demand curve.
(A)
rightward
(B)
leftward
(C)
parallel
(D)
vertical
Question-9
An equilibrium situation demands a __________.
(A)
Change in the price
(B)
Change in quantity demanded
(C)
change in quantity supplied
(D)
none of these
Question-10
The forces working in the opposite directions are brought into balance through ____________.
(A)
Disequilibrium.
(B)
Equilibrium
(C)
Inequilibrium
(D)
None of these
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Plus 2 Humanities
ICSE/ISC
Practice in Related Chapters
Micro Economic Theory
Theory of Consumer Behavior; Marginal Utility and Indifference Curve Analysis
Law of Supply and Price Elasticity of Supply
Laws of Returns - Returns to a Factor and Returns to Scale
Demand and Law of Demand
Elasticity of Demand
Cost and Revenue Analysis
FORMS OF MARKET
EQUILIBRIUM OF FIRM
Determination of Equilibrium Price and Output Under Perfect Competition Monopoly and Monopolistic
Equilibrium Price: Market Price
Nature of Goods and Services Produced
National Income Aggregates
INTERNATIONAL TRADE; NEED AND BASIS
Balance of Payments
Theory of Distribution: Marginal Productivity Theory and Determination of Wages
Public Expenditure
PUBLIC DEBT
Fiscal Policy and Deficit Financing
The Theory of Distribution: Rent, Interest and Profit
National Income and Circular Flow of Income
Measurement of National Income
- GOVERNMENT BUDGET
PUBLIC FINANCE;TAXATION
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