Class 11 Economics MCQ Chapter 2 Consumer’s Equilibrium Question Answer English Medium to each chapter is provided in the list so that you can easily browse through different chapters Class 11 Economics MCQ Chapter 2 Consumer’s Equilibrium and select need one. AHSEC Class 11 Economics Objective Type Solutions in English As Per AHSEC New Book Syllabus Download PDF. AHSEC Economics MCQ Class 11.
Class 11 Economics MCQ Chapter 2 Consumer’s Equilibrium
Also, you can read the NCERT book online in these sections Solutions by Expert Teachers as per Central Board of Secondary Education (CBSE) Book guidelines. AHSEC Class 11 Economics Multiple Choice Solutions are part of All Subject Solutions. Here we have given AHSEC Class 11 Economics MCQ in English for All Chapters, You can practice these here.
Consumer’s Equilibrium
Chapter: 2
| PART – A : MICROECONOMICS |
Choose the Correct Option:
1. What is the definition of utility?
(i) Satisfaction derived from a commodity.
(ii) The monetary value of a commodity.
(iii) The quantity of goods produced.
(iv) The price of a commodity.
Ans: (i) Satisfaction derived from a commodity.
2. Which theory provides an explanation for the consumer’s demand for a product?
(i) Indifference Curve Analysis.
(ii) Utility Analysis.
(iii) Behavioral Analysis.
(iv) Consumption Theory.
Ans: (ii) Utility Analysis.
3. Who developed the Indifference Curve Analysis?
(i) Samuelson and Hicks.
(ii) J.R. Hicks and R.G.G. Allen.
(iii) Marshall and Robbins.
(iv) Keynes and Fisher.
Ans: (ii) J.R. Hicks and R.G.G. Allen.
4. What is utility?
(i) The monetary value of a commodity.
(ii) The want-satisfying power of a commodity.
(iii) The price of a commodity.
(iv) The number of units consumed.
Ans: (ii) The want-satisfying power of a commodity.
5. Utility is subjective. This means:
(i) It depends on the price of a commodity.
(ii) It varies from person to person.
(iii) It is the same for everyone.
(iv) It is the same for every commodity.
Ans: (ii) It varies from person to person.
6. Which of the following is an example of utility varying with seasons?
(i) Woollen clothes in winter.
(ii) Oranges in summer.
(iii) Ice cream in winter.
(iv) Both (i) and (ii).
Ans: (i) Woollen clothes in winter.
7. Which of the following is a characteristic of utility?
(i) Utility is the same for all commodities.
(ii) Utility is different from usefulness.
(iii) Utility is measurable in monetary terms.
(iv) Utility does not depend on consumer preference.
Ans: (ii) Utility is different from usefulness.
8. What does marginal utility refer to?
(i) Total satisfaction from all units consumed.
(ii) Additional satisfaction from the consumption of one more unit.
(iii) Decrease in satisfaction as consumption increases.
(iv) Satisfaction from consuming all units.
Ans: (ii) Additional satisfaction from the consumption of one more unit.
9. What happens to total utility when marginal utility is zero?
(i) Total utility increases.
(ii) Total utility decreases.
(iii) Total utility remains constant.
(iv) Total utility reaches its maximum.
Ans: (iv) Total utility reaches its maximum.
10. Which of the following is true about marginal utility?
(i) It remains constant as consumption increases.
(ii) It decreases as consumption increases.
(iii) It increases with every unit consumed.
(iv) It does not affect total utility.
Ans: (ii) It decreases as consumption increases.
11. The law of diminishing marginal utility states that:
(i) Marginal utility increases as consumption increases.
(ii) Total utility decreases as marginal utility increases.
(iii) Marginal utility diminishes with successive units consumed.
(iv) Marginal utility remains constant.
Ans: (iii) Marginal utility diminishes with successive units consumed.
12. What is the point of satiety in relation to utility?
(i) The point where marginal utility is zero.
(ii) The point where total utility is at its maximum.
(iii) The point where utility starts decreasing.
(iv) Both (i) and (ii).
Ans: (iv) Both (i) and (ii).
13. When marginal utility becomes negative, what happens to total utility?
(i) Total utility begins to increase.
(ii) Total utility starts to decrease.
(iii) Total utility remains constant.
(iv) Total utility becomes zero.
Ans: (ii) Total utility starts to decrease.
14. Which of the following is an assumption of the law of diminishing marginal utility?
(i) The consumer’s income changes.
(ii) The price of the commodity remains constant.
(iii) The consumption of goods is not continuous.
(iv) The consumer’s taste and preference are dynamic.
Ans: (ii) The price of the commodity remains constant.
15. Which of the following commodities does not follow the law of diminishing marginal utility?
(i) Telephones.
(ii) Oranges.
(iii) Television.
(iv) Both (i) and (ii).
Ans: (i) Telephones.
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