HSC Science (General) 12th Standard Board Exam - Maharashtra State Board Important Questions

Complete the correlation:

Macro Economics : ______ :: Micro Economics : Price theory.

The law of equi-marginal utility is based on certain assumptions.

Write short note on :

Giffen's paradox.

State and explain in detail the Law of Diminishing Marginal Utility  ?

 State whether the following statements are TRUE or FALSE:  

 Marginal utility increases with increase in consumption. 

 State whether the following statements are TRUE or FALSE:  

 In deficit budget, expenditure is more than income. 

 The law of equi-marginal utility is based on the law of _________. 

Choose the correct answer :      

The capacity of a commodity to satisfy human want is known as _________. 

Do you agree with the following statements? Give reasons. 

Marginal utility and Total utility is same. 

Fill in the blanks with appropriate alternatives given in the bracket.  

 Marginal consumption function is always ________. 

Exceptions to the law of diminishing marginal utility:

1. Cardinal measurement
2. Hobbies
3. Miser
4. Money

Assertion (A): MU curve slopes upwards.

Reasoning (R): MU goes on diminishing with every successive increase in the consumption of a commodity.

Identify & explain the concept from the given illustration.

Kavita consumed an additional unit of bread to satisfy her hunger.

State with reason whether you agree or disagree with the following statement

When total utility is maximum, marginal utility is zero.

State with reason whether you agree or disagree with the following statement

Marginal utility curve slopes downwards.

Study the following table, figure, passage and answer the question below it:

1. Complete the table ______ (1m )
2. When Total utility falls Marginal utility is_______ (1m)
3. Draw total utility and marginal utility curve______ (2m)

Give economic terms:

Additional utility derived by a consumer from an additional unit consumed.

Assertion (A): Marginal utility (MU) goes on diminishing.

Reasoning (R): Total utility (TU) increases at a diminishing rate.

State with reasons whether you agree or disagree with the following statement.

There are no exceptions to the law of diminishing marginal utility.

Demand for necessaries is................

(elastic / inelastic / infinitely elastic / unitary elastic)