Theory of consumer behaviour — Economics STD 12 Humanities & Commerce — Question

The economy in which all important decisions are taken by the government is called -

If Marginal Rate of Substitution is constant throughout, the Indifference curve will be:

1. Parallel to the x-axis.
2. Downward sloping concave.
3. Downward sloping convex.
4. Downward sloping straight line.

A manufacturer supplies good in such a way that if the price rises by 10%, they are prepared to supply 15% more. In this case, elasticity will be best described as:

1. Inelastic.
2. More than unitary elastic.
3. Perfectly elastic.
4. Unitary elastic.

Demand for final consumption arises in rises in _______.

1. household sector only.
2. government sector only.
3. both household and government sectors.
4. neither in households nor in government sector.

Law of Demand is a:

1. Quantitative statement.
2. Qualitative statement.
3. Both (a) and (b).
4. None of these.

Which of the following item will not be included while calculating NDP_MP?

1. Private Final Consumption Expenditure.
2. Consumption of Fixed Capital.
3. Government Final Consumption Expenditure.
4. Net Exports.

Opportunity cost is:

1. The additional benefit of buying an additional unit of a product.
2. The cost incurred in the past before we make a decision about what to do in future.
3. A cost that is borne in terms of discomfort and pain while supplying factors of production.
4. That which we forgo, or give up, while making a choice or a decision.

Which market have characteristic of product differentiation:

1. Monopolistic competition.
2. Oligopoly.
3. Monopoly.
4. Perfect competition.

Market which has a few large firms is _________.

1. oligopoly.
2. perfect competition.
3. monopolistic competition.
4. monopsony.