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MCQs

Total Questions : 874 | Page 82 of 88 pages
Question 811. Total utility maximum when:
  1.    (a) Marginal utility is maximum
  2.    (b) Marginal utility is Zero
  3.    (c) Average utility is maximum
  4.    (d) Average utility is Zero
 Discuss Question
Answer: Option B. -> (b) Marginal utility is Zero
Question 812. Indifference curves between income and leisure for an individual are generally:
  1.    Concave to the origin
  2.    Convex to the origin
  3.    Negatively sloped straight lines
  4.    Positively sloped straight lines
 Discuss Question
Answer: Option D. -> Positively sloped straight lines
Question 813. When marginal utility from the consumption of a commodity is zero, then the:
  1.    Total utility is zero
  2.    Total utility is highest
  3.    Total utility is rising
  4.    Total utility is falling.
 Discuss Question
Answer: Option B. -> Total utility is highest
Question 814. Australia's biggest trading partner is
  1.    USA
  2.    Japan
  3.    Mongolia
  4.    China
 Discuss Question
Answer: Option D. -> China
Question 815. Total utility starts decreasing when --------------
  1.    Marginal utility becomes zero
  2.    Marginal utility is positive
  3.    Marginal utility becomes negative
  4.    None of these
 Discuss Question
Answer: Option C. -> Marginal utility becomes negative
Question 816. When two goods are perfect complementary, the indifference curve is:
  1.    A straight line
  2.    U shaped
  3.    L – shaped
  4.    Circular in shape.
 Discuss Question
Answer: Option C. -> L – shaped
Question 817. In this type of economy, the people decide the supply, demand, and price
  1.    Market 
  2.    Traditional
  3.    Command 
  4.    Mixed
 Discuss Question
Answer: Option A. -> Market 
Question 818. Firms supply
  1.    goods and services
  2.    good and the quantity supplied
  3.    Both A & B
  4.    none of the above
 Discuss Question
Answer: Option A. -> goods and services
Question 819. Who invented communism?
  1.    Plato
  2.    Karl Marx
  3.    Paul Samuelson
  4.    Adam Smith
 Discuss Question
Answer: Option B. -> Karl Marx
Question 820. The father of Economics is
  1.    Adam Smith
  2.    Marshall
  3.    Lionel Robbins
  4.    Hicks
 Discuss Question
Answer: Option A. -> Adam Smith

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