11th Grade > Economics - 1
CONSUMER BEHAVIOR MCQs
Total Questions : 30
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Answer: Option C. -> Price of commodity and total utility
:
C
A consumer gets maximum satisfaction from his limited income when the marginal utility per rupee spent is equal for all goods.
:
C
A consumer gets maximum satisfaction from his limited income when the marginal utility per rupee spent is equal for all goods.
Answer: Option C. -> microeconomics concentrates on the behavior of individual consumers and firms while macroeconomics focuses on the performance of the entire economy.
:
C
Microeconomics concentrates on the behavior of individual consumers and firms while macroeconomics focuses on the performance of the entire economy.
:
C
Microeconomics concentrates on the behavior of individual consumers and firms while macroeconomics focuses on the performance of the entire economy.
Answer: Option D. -> it would increase the opportunity cost of becoming a broadcaster
:
D
Opportunity cost is the value of a factor in its next best use. With an increase in salary for playing basketball, if a player is considering giving up basketball to pursue a career in broadcasting, his opportunity cost of becoming a broadcaster will increase.
:
D
Opportunity cost is the value of a factor in its next best use. With an increase in salary for playing basketball, if a player is considering giving up basketball to pursue a career in broadcasting, his opportunity cost of becoming a broadcaster will increase.
Answer: Option B. -> change in income
:
B
A budget line shows different combination of two goods, which a consumer can attain, given his income and market price of the goods. Therefore, any shift in the budget line, when prices are constant will be due to change in income of the consumer.
:
B
A budget line shows different combination of two goods, which a consumer can attain, given his income and market price of the goods. Therefore, any shift in the budget line, when prices are constant will be due to change in income of the consumer.
Answer: Option D. -> 0 pairs of shoes and 7 shirts
:
D
The total price comes to INR 105 (7 shirts ∗ INR 15), which is greater than INR 100.
:
D
The total price comes to INR 105 (7 shirts ∗ INR 15), which is greater than INR 100.
Answer: Option C. -> both A and B
:
C
Both A and B. Economic problem is the problem of choice. It arises because resources are scarce and have alternative uses.
:
C
Both A and B. Economic problem is the problem of choice. It arises because resources are scarce and have alternative uses.
Answer: Option B. -> No. He has not reached his maximum level of satisfaction for Good-1 yet.
:
B
If a consumer has monotonic preferences, he would prefer the bundle (6,6) to the bundle (4,6), because the bundle (6,6) has more of Good-1 as compared to the bundle (4,6)
:
B
If a consumer has monotonic preferences, he would prefer the bundle (6,6) to the bundle (4,6), because the bundle (6,6) has more of Good-1 as compared to the bundle (4,6)
Answer: Option A. -> budget constraint
:
A
Budget constraint captures the limits imposed on household choices by income, wealth, and product prices.
:
A
Budget constraint captures the limits imposed on household choices by income, wealth, and product prices.
Answer: Option A. -> indifference curve
:
A
An indifference curve is a locus of all such points, which show different combinations offering the same level of satisfaction to the consumer. It is always related to the choice and preference of the consumer.
:
A
An indifference curve is a locus of all such points, which show different combinations offering the same level of satisfaction to the consumer. It is always related to the choice and preference of the consumer.
Answer: Option A. -> slopes downward
:
A
Marginal Utility curve always slopes downwards.
:
A
Marginal Utility curve always slopes downwards.