Economics Quiz

A consumer can afford to buy 6 and 8 units of good₁ and good2 respectively. If consumer spends his entire income and prices of two goods are 10/- and 15/- respectively, the income of the consumer is

• Rs. 120

• Rs. 180

• Rs. 150

• Rs. 100

A consumer can afford to buy 6 and 8 units of good₁ and good₂ respectively. If consumer spends his entire income i.e. Rs 100 and price of good₁ is Rs 10/- per unit, hence the price of good2 will be

• Rs 5

• Rs 6

• Rs 7

• Rs 8

A curve showing alternative production possibilities of two goods with the given resources and technique of production is called

• Production frontier

• Production curve

• Production functional curve

• Production possibility frontier

A table showing alternative production possibilities of two goods with the given resources and techniques of production is called:

• A production Possibility curve

• A production possibility frontier

Sapna answers an interview in a school for two jobs, a teacher (salary Rs20,000) and clerk (Salary Rs. 15,000). If she chooses the job of a teacher. What will be her opportunity cost?

• Rs. 20,000

• Rs. 15,000

• Rs. 5,000

A collection of indifferent curves is known as:

• A budget line

• A budget set

• A transformation line

• A production possibility schedule

Opportunity cost is also known as:

• Production cost

• Alternative cost

• An indifference set

• Economic cost

Consumer equilibrium through Indifference curve analysis is based on

• Marginal Utility

• Total Utility

• Ordinal Utility

• Cardinal Utility

Marginal utility derived from the consumption of 1st and 2nd unit of chocolate is 4 and 2 respectively, hence the Total Utility will be

• 3

• 4

• 5

• 6