______ means using up of goods and services.
Consumption
Production
Distribution
Investment
Single commodity consumption mode is
Production possibility curve
Law of equi-marginal utility
Law of supply
Law of diminishing marginal utility
Marginal utility falls to zero, when the total utility is
Increases
Maximum
Declines
Constant
As the consumer has more units of a commodity, his total utility from the commodity is
Increases less than in proportion, reaches a maximum and then falls.
Increases less than in proportion and then falls
Increases more than in proportion and then reaches a maximum
Falls becomes zero and then negative
When tax is raised, a consumer surplus:
Falls
Rises
Remain unchanged
Becomes zero
A straight downward sloping indifference curve means.
MRS is constant
MRS is increasing
MRS is decreasing
MRS is zero
An indifference curves is _____ to the origin.
Convex
Concave
Parallel
Which theory assumes ordinality of utility?
Indifference curve
Marginal utility theory
Both a and b
utility is _________ concept.
Social concept
Subjective/ Psychological concept
Political concept
Scientific concept
Necessaries, comforts and luxuries are
Classification of goods and services
Classification of wants
Classification of utility
Types of utiity
