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Give economic terms:
Additional utility derived by a consumer from an additional unit consumed.
Concept: Basic Concepts of Microeconomics > Utility
Assertion (A): Marginal utility (MU) goes on diminishing.
Reasoning (R): Total utility (TU) increases at a diminishing rate.
Concept: Basic Concepts of Microeconomics > Utility
State with reasons whether you agree or disagree with the following statement.
There are no exceptions to the law of diminishing marginal utility.
Concept: Law of Diminishing Marginal Utility
Demand for necessaries is................
(elastic / inelastic / infinitely elastic / unitary elastic)
Concept: Concept of Demand
Income elasticity of demand for inferior goods is negative.
Concept: Concept of Elasticity of Demand
| Group 'A' | Group 'B' | ||
| a. | Pen and ink | 1 | Quantity-price |
| b. | Revenue | 2 | Accident |
| c. | Insurable risk | 3 | Transfer income |
| d. | Unemployment allowance | 4 | Short period |
| e. | Reverse repo rate | 5 | Long period |
| 6 | Change in demand | ||
| 7 | Joint demand | ||
| 8 | Quantity * price |
Concept: Concept of Demand
Change in the price of substitute goods affects the demand for another goods.
Concept: Factors of Demand
Population is the only determinant factor of demand.
Concept: Factors of Demand
When does ‘increase’ in demand take place?
Concept: Demand Curve
Distinguish between Individual demand and Market demand.
Concept: Types of Demand
Write short notes Significance of price elasticity of demand.
Concept: Determinants of Price Elasticity of Demand
Explain any 'two methods' of measuring price elasticity of demand.
Concept: Concept of Elasticity of Demand
Concept: Demand Curve
Demand for electricity is elastic.
Concept: Concept of Demand
Distinguish between the following:
Direct demand and Indirect demand.
Concept: Types of Demand
Write short notes on the Proportional method of measuring the elasticity of demand.
Concept: Concept of Elasticity of Demand
Match the following :
| Group 'A' | Group 'B' |
| (a) Demand and price | (1) wages |
| (b) Perfectly elastic supply | (2) Vertical supply curve |
| (c) Land | (3) Transfer income |
| (d) Unemployment allowance | (4) Horizontal supply curve |
| (e) Reserve Bank of India | (5) Inverse relation |
| (6) Rent | |
| (7) 1935 | |
| (8) Direct relation |
Concept: Factors Affecting Price Elasticity of Demand
State whether the following statement is true or false :
Concept of ‘elasticity of demand’ is useful for the finance minister.
Concept: Factors Affecting Price Elasticity of Demand
Explain with reason whether you 'agree' or 'disagree' with the following statement:
There are many types of demands.
Concept: Types of Demand
Fill in the blank using proper alternative given in the bracket:
Market demand is a total demand of...............buyers.
Concept: Demand Curve
