Choose The Correct Option: i. Scope of micro economics. a) Theory of Product Pricing b) Theory of Growth and Development c) Theory of General Price Level and Inflation d) Theory of Income and Employment
Options: 1) Only a 2) a, b, c 3) b, c, d 4) a, c, d
ii. Statements related to macro economics. a) It is the study of aggregates b) It is based on certain assumptions c) It takes into account interdependence between aggregate economic variables d) It is a policy oriented science
Options: 1) a, b, c, d 2) a, b, c 3) b, c, d 4) a, c, d
iii. Exceptions to the law of diminishing marginal utility. a) Cardinal measurement b) Hobbies c) Miser d) Money
Options: 1) Only a 2) a, b, c 3) b, c, d 4) a, c, d
iv. Criticisms to the law of diminishing marginal utility a) Based on unrealistic assumptions b) Not applicable to indivisible and bulky goods c) The law is restricted to satisfaction of a single want d) In reality, cardinal measurement of utility not possible
Options: 1) Only a 2) a, b, c 3) b, c, d 4) a, b, c, d
v. Statements that explain Giffen’s paradox a) It is an exception to the law of demand b) It is applicable to inferior or low quality goods c) Demand increases when the prices of inferior goods fall d) It was identified by Prof. Alfred Marshall
Options: 1) Only a 2) a, b, 3) b, c, d 4) a, b, c, d
vi. Statements related to decrease in demand a) It is a type of change in demand b) It takes place due to unfavourable changes in other factors like tastes, income etc. c) Price remains constant d) Demand curve shifts to the right hand side of the original demand curve
Options: 1) a, b, c, d 2) a, b, c 3) b, c, d 4) a, c, d
vii. Statements that are incorrect in relation to perfectly inelastic demand a) Percentage change in price has no effect on quantity demanded b) Co-efficient of elasticity is equal to 1 (ed=1) c) Demand curve is a horizontal line parallel to X axis d) It is a type of price elasticity of demand
Options: 1) a, b, c, d 2) a, b, c 3) b, c 4) a, b
viii. Statements that are related to cross elasticity of demand a) Change in quantity demanded of one commodity due to a change in the price of other commodity b) It is a type of elasticity of demand c) It is applicable to complementary goods and substitutes d) It is expressed as Ey =%
Options: 1) a, b, c, d 2) a, b, c 3) only b 4) a, b
ix. Statements related to the concept of stock a) It is the total quantity of a commodity available with the seller at a particular point of time b) By increasing production, stock can be increased. c) Normally, stock exceeds supply d) Stock is a flow concept
Options: 1) a, b, c, d 2) a, b, c 3) only b 4) a, b
x. Exceptions to the law of supply a) Constant cost of production b) Constant technique of production c) Does not apply to agricultural goods d) No change in weather conditions
Options: 1) a, b, c, d 2) a, b, c 3) only c 4) a, b
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