11 economics

1. A Capitalist Economy is also called as -

• (a) Free Market Economy

• (b) Command Market Economy

• (c) Controlled Market Economy

• (d) Regulated Market Economy

2. Where does "Price mechanism" exists.

• (a) Capitalist economy

• (b) Socialist economy

• (c) Both type of economies

• (d) None of the above

3. The issue of "for whom to produce" deals with

• (a) how to distribute and share the national product

• (b) shares of different people in the total output of goods & services.

• (c) Both (a) and (b)

• (d) Neither (a) nor (b)

4. In India, areas like Atomic Energy, Defence, etc. are in the hands of -

• (a) Private Sector

• (b) Public Sector

• (c) Joint Sector

• (d) All of the above

5. When total utility is increases at a diminishing rate, then marginal utility is ______

• (a) Diminishing

• (b) Zero

• (c) Maximum

• (d) One

6. Which of the following is an assumption of Law of the Law of Diminishing Marginal Utility?

• (a) Perfect Competition

• (b) Continuous Consumption

• (c) Constant Demand

• (d) Ordinal Approach to Utility

7. Total Utility -

• (a) Will generally be positive

• (b) Will generally be negative

• (c) Can be positive or negative but not zero

• (d) Can be positive or negative or zero

9. The Total Utility that Shyam derives after having 4 Mangoes is 10, and the Total Utility on consuming 5 Mangoes is 9. What is the Marginal Utility for 5^th mango?

• (a) 1

• (b) 0

• (c) -1

• (d) ±1

9. Who is the main exponent of Marginal Utility Analysis?

• (a) Paul Samuelson

• (b) Hicks

• (c) Keynes

• (d) Marshall

10. "Inequalities of Income" refers to -

• (a) Gap between Rich and Poor

• (b) All Workers do not equal wages.

• (c) All Companies do not earn same profit.

• (d) All of the above