Mid term revision eco

Which of the following economists proposed the definition of economics that focused on the welfare of man?

• Alfred Marshall
• Adam Smith
• Lionel Robinson
• Samuelson

Which of the following statements is true with respect to action required during scarcity? a) Avoid trade offs b) Allocate resources efficiently

• Only option b
• Only option a
• Both option a and b
• Neither option a and b

There are two investment options. Option A where you have a cost of 80000 and get a return of 100000. Option B where you have no cost but you get a return of 10000. What is the opportunity cost of choosing option A?

• 10000
• 20000
• 80000
• 100000

Which of the following statements is not true?

• Utility is equal to usage
• Utility for a person is variable
• Utility changes with respect to place and time
• Utility is the want satisfying power of a commodity

Total utility for consuming 5 glasses of lassi is given as 90, 160, 210, 230 and 240. Calculate the marginal utility derived from the 3rd glass of lassi.

• 50
• 70
• 20
• 370

Find the odd one out with respect to the utility graph.

• Marginal utility is minimum
• Total utility is maximum
• Marginal utility is zero
• Point of satiety

Mr. Akash went to buy a watch. His budget was Rs. 8000. The three models available were Titan - Rs. 7000, HMT - Rs. 3500 Fossil - Rs. 20000. Mr. Akash did not opted HMT over the others which signifies

• Did not have the willingness to buy
• Did not have the desire to buy
• Did not have the ability to buy
• Did not have the want to buy

Which of the following has a direct relationship with demand?

• Population
• Price of complimentary goods
• Expectations of future prices
• Unemployment

In a demand curve, the upward movement refers to

• Contraction of demand
• Expansion of demand
• Shift in demand curve
• Reverse movement

Find the odd one out with respect to components of supply.

• Quality
• Quantity
• Price
• Time