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Theory of consumer behaviour Economics - Theory of consumer behaviour

CBSE - STD 11 Commerce - Economics (CBSE - English Medium). 809 questions in this chapter.

Question types

Theory of consumer behaviour question types

809 questions across 7 question groups — pick any mix to generate a Economics paper with step-by-step answer keys.

809
Questions
7
Question groups
5
Question types
Sample Questions

Theory of consumer behaviour questions

One sample from each question group in this chapter. Select any group above to see the full set with answer keys.

Q 1M.C.Q (1 Marks)1 Mark
Any statement about demand for a good is considered complete only when the following is/are mentioned in it.
  • A
    Price of the good.
  • B
    Quantity of the good.
  • C
    Period of time.
  • ✓
    All of the above.

Answer: D.

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Q 2M.C.Q (1 Marks)1 Mark
Demand for a good is termed inelastic through the expenditure approach when if.
  • A
    Price of the good falls, expenditure on it rises.
  • ✓
    Price of the good falls, expenditure on it falls.
  • C
    Price of the good falls, expenditure on it remains unchanged.
  • D
    Price of the good rises, expenditure on it falls.

Answer: B.

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Q 3M.C.Q (1 Marks)1 Mark
If Marginal Rate of Substitution is increasing throughout, the Indifference Curve will be: (Choose the correct alternative)
  • A
    Downward sloping convex.
  • ✓
    Downward sloping concave.
  • C
    Downward sloping straight line.
  • D
    Upward sloping convex.

Answer: B.

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Q 4M.C.Q (1 Marks)1 Mark
If due to fall in the price of good $X$, demand for good $Y$ rises, the two goods are: $($Choose the correct alternative$)$
  • A
    Substitutes.
  • ✓
    Complements.
  • C
    Not related.
  • D
    Competitive.

Answer: B.

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Q 5M.C.Q (1 Marks)1 Mark
The expenditure on a good would change in the opposite direction as the price changes only when demand is.
  • ✓
    Elastic.
  • B
    Inelastic.
  • C
    Perfectly inelastic.
  • D
    Unitary elastic.

Answer: A.

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Q 7True/False1 Mark
Giving reasons, state whether the following statements are true or false.
Law of demand explains quantitative relationship between price and E quantity demanded.
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Q 9True/False1 Mark
Giving reasons, state whether the following statements are true or false.
Law of demand happens due to application of law of diminishing marginal productivity.
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Q 10True/False1 Mark
Explain the inverse relationship between the price of a commodity and its demand.OR
Why does law of demand slope downward from left to right?
OR
Why do household buy more at a lower price than at a higher price?OR
Explain the causes behind law of demand.
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Q 233 Marks Question3 Marks
Explain the significance of 'minus sign' attached to the measure of price elasticity of demand in case of a normal good, as compared to the 'plus sign' attached to the measure of price elasticity of supply.
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Q 243 Marks Question3 Marks
A consumer buys 27 units of a good at a price of ₹ 10 per unit. When the price falls to ₹ 9 per unit, the demand rises to 30 units. What can you say about price elasticity of demand of the good through the ‘expenditure approach’?
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Q 253 Marks Question3 Marks
When the price of a good rises from ₹ 10 to ₹ 12 per unit, its demand falls from 25 units to 20 units. What can you say about price elasticity of demand of the good through the ‘expenditure approach’?
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Q 284 Marks Question4 Marks
A consumer spends ₹ 400 on a good priced at ₹ 8 per unit. When its price rises by 25 percent, the consumer spends ₹ 500 on the good. Calculate the price elasticity of demand by the Percentage method.
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Q 326 Marks Question6 Marks
A consumer consumes only two goods X and Y, both priced at Rs. 2 per unit. If the consumer chooses a combination of the two goods with Marginal Rate of Substitution equal to 2, is the consumer in equilibrium? Why or why not? What will a rational consumer do in this situation? Explain.
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Q 336 Marks Question6 Marks
When the price of a good rises from ₹ 10 per unit to ₹ 12 per unit, its quantity demanded falls by 20 percent. Calculate its price elasticity of demand. How much would be the percentage change in its quantity demanded, if the price rises from ₹ 10 per unit to ₹ 13 per unit?
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Q 346 Marks Question6 Marks
A consumer consumes only two goods $X$ and $Y$ whose prices are Rs. $5$ and Rs. $4$ respectively. If the consumer chooses a combination of the two goods with marginal utility of $X$ equal to $4$ and that of $Y$ equal to $5$, is the consumer in equilibrium? Why or why not? What will a rational consumer do in this situation? Use utility analysis.
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Q 356 Marks Question6 Marks
Explain the concept of ‘Marginal Rate of Substitution’ with the help of a numerical example. Also, explain its behaviour along an indifference curve.
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