An indiference curve measures ______ level of satisfaction derived from different combinations of commodity X and Y. (1) same (2) higher (3) lower (4) minimum

An indiference curve measures ______ level of satisfaction derived from different combinations of commodity X and Y. (1) same (2) higher (3) lower (4) minimum
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(1) same Explanation: An indifference curve may be defined as the locus of points, each representing a different combination of two substitute goods, which yield the same utility or level of satisfaction to the consumer. Therefore, he is indifferent between any two combinations of goods when it comes to making a choice between them.
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An indifference curve measures ______________ level of satisfaction derived from different combinations of commodity X and Y. (1) same (2) higher (3) lower (4) minimum

Description : An indifference curve measures ______________ level of satisfaction derived from different combinations of commodity X and Y. (1) same (2) higher (3) lower (4) minimum

Last Answer : same

An indifference curve measures the same level of - (1) Output from two factors (2) Satisfaction from two commodities (3) Satisfaction from Income and Capital (4) Satisfaction from expenditure and savings

Description : An indifference curve measures the same level of - (1) Output from two factors (2) Satisfaction from two commodities (3) Satisfaction from Income and Capital (4) Satisfaction from expenditure and savings

Last Answer : (2) Satisfaction from two commodities Explanation: An indifference curve is a locus of combinations of goods which derive the same level of satisfaction. so that the consumer is indifferent ... of various points showing different combinations of two goods providing equal utility to the consumer

An indifference curve measures the same level of (1) Output from two factors (2) Satisfaction from two commodities (3) Satisfaction from Income and Capital (4) Satisfaction from expenditure and savings

Description : An indifference curve measures the same level of (1) Output from two factors (2) Satisfaction from two commodities (3) Satisfaction from Income and Capital (4) Satisfaction from expenditure and savings

Last Answer : Satisfaction from two commodities

Which of these statement is true about production possibility curve (PPC/PPF) (a) It shows various combinations of two goods which yield same level of satisfaction (b) It shows various combination of two goods which an economy can produce with a given amount of resources (c) It shows various combination of two goods which an economy can produce with a given budget (d) It shows various combination of two goods which an economy can produce with a given time

Description : Which of these statement is true about production possibility curve (PPC/PPF) (a) It shows various combinations of two goods which yield same level of satisfaction (b) It shows various combination of two ... (d) It shows various combination of two goods which an economy can produce with a given time

Last Answer : (b) It shows various combination of two goods which an economy can produce with a given amount of resources

“Higher the indifference curve, higher will be the level of satisfaction” (a) always true (b) always false © sometimes true and sometimes false (d) true only if price effect is positive.

Description : “Higher the indifference curve, higher will be the level of satisfaction” (a) always true (b) always false © sometimes true and sometimes false (d) true only if price effect is positive.

Last Answer : (b) always false

The term utility means - (1) usefulness of a commodity (2) the satisfaction which a commodity yields (3) the service which a commodity is capable of rendering (4) None of these

Description : The term utility means - (1) usefulness of a commodity (2) the satisfaction which a commodity yields (3) the service which a commodity is capable of rendering (4) None of these

Last Answer : (2) the satisfaction which a commodity yields Explanation: In economics, 'Utility,' refers to the total satisfaction received from consuming a good or service. It is usually applied by economists ... commodities that an individual or a society would accept to maintain a given level of satisfaction.

The term utility means (1) usefulness of a commodity (2) the satisfaction which a commodity yields (3) the service which a commodity is capable of rendering (4) None of these

Description : The term utility means (1) usefulness of a commodity (2) the satisfaction which a commodity yields (3) the service which a commodity is capable of rendering (4) None of these 

Last Answer :  the satisfaction which a commodity yields

)The demand of a commodity is a direct demand but the demand of a factor of production is called a - (1) Crossed demand (2) Joint demand (3) Derived demand (4) Independent demand

Description : )The demand of a commodity is a direct demand but the demand of a factor of production is called a - (1) Crossed demand (2) Joint demand (3) Derived demand (4) Independent demand

Last Answer : (3) Derived demand Explanation: In the words of McConnell, the demand for factors of production is a derived demand that is derived from the finished goods and services which resources help to produce. ... demand, demand for factors is derived demand. It is based on the productivity of the factors.

The demand of a commodity is a direct demand but the demand of a factor of production is called a (1) Crossed demand (2) Joint demand (3) Derived demand (4) Independent demand

Description : The demand of a commodity is a direct demand but the demand of a factor of production is called a (1) Crossed demand (2) Joint demand (3) Derived demand (4) Independent demand

Last Answer : Derived demand

Other things remaining the same, when a consumer's income increases, his equilibrium point moves to A.A higher indifference curve B.To the left-hand side on the same indifference curve C.Remains unchanged on the same indifference curve D.A lower indifference curve

Description : Other things remaining the same, when a consumer's income increases, his equilibrium point moves to A.A higher indifference curve B.To the left-hand side on the same indifference curve C.Remains unchanged on the same indifference curve D.A lower indifference curve

Last Answer : A.A higher indifference curve

Capital output ratio of a commodity measures - (1) its per unit cost of production (2) the amount of capital invested per unit of output (3) the ratio of capital depreciation to quantity of output (4) the ratio of working capital employed to quantity of output

Description : Capital output ratio of a commodity measures - (1) its per unit cost of production (2) the amount of capital invested per unit of output (3) the ratio of capital depreciation to quantity of output (4) the ratio of working capital employed to quantity of output

Last Answer : (2) the amount of capital invested per unit of output Explanation: Capital Output Ratio is the ratio of capital used to produce an output over a period of time. This ratio has a tendency ... order to increase the output. When countries use their natural resources instead of capital then COR reduces.

Capital output ratio of a commodity measures (1) its per unit cost of production (2) the amount of capital invested per unit of output (3) the ratio of capital depreciation to quantity of output (4) the ratio of working capital employed to quantity of output

Description : Capital output ratio of a commodity measures (1) its per unit cost of production (2) the amount of capital invested per unit of output (3) the ratio of capital depreciation to quantity of output (4) the ratio of working capital employed to quantity of output

Last Answer : the amount of capital invested per unit of output

A demand curve will not shift: (1) When only income changes (2) When only prices of substitute products change (3) When there is a change in advertisement expenditure (4) When only price of the commodity changes

Description : A demand curve will not shift: (1) When only income changes (2) When only prices of substitute products change (3) When there is a change in advertisement expenditure (4) When only price of the commodity changes

Last Answer : (4) When only price of the commodity changes Explanation: In economics, the demand curve is the graph depicting the relationship between the price of a certain commodity and the amount of it that ... only when there is a change in other determinants of demand, other than price of the commodity.

The Marginal Utility Curve slopes downward from left to right indicating - (1) A direct relationship between marginal utility and the stock of commodity (2) A constant relationship between marginal utility and the stock of commodity (3) A proportionate relation-ship between marginal utility and the stock of commodity (4) An inverse relationship between marginal utility and the stock of commodity

Description : The Marginal Utility Curve slopes downward from left to right indicating - (1) A direct relationship between marginal utility and the stock of commodity (2) A constant relationship between marginal ... stock of commodity (4) An inverse relationship between marginal utility and the stock of commodity

Last Answer : (4) An inverse relationship between marginal utility and the stock of commodity Explanation: The Marginal Utility Curve is a curve illustrating the relation between the marginal utility obtained from ... marginal (additional) benefit to the consumer falls; hence consumers are prepared to pay less.

A demand curve will not shift: (1) When only income changes (2) When only prices of substitute products change (3) When there is a change in advertisement expenditure (4) When only price of the commodity changes

Description : A demand curve will not shift: (1) When only income changes (2) When only prices of substitute products change (3) When there is a change in advertisement expenditure (4) When only price of the commodity changes

Last Answer : When only price of the commodity changes

The Marginal Utility Curve slopes downward from left to right indicating (1) A direct relationship between marginal utility and the stock of commodity (2) A constant relationship between marginal utility and the stock of commodity (3) A proportionate relationship between marginal utility and the stock of commodity (4) An inverse relationship between marginal utility and the stock of commodity

Description : The Marginal Utility Curve slopes downward from left to right indicating (1) A direct relationship between marginal utility and the stock of commodity (2) A constant relationship between marginal ... stock of commodity (4) An inverse relationship between marginal utility and the stock of commodity

Last Answer : An inverse relationship between marginal utility and the stock of commodity

A levy of excise duty on consumption of an item consumed will …………….. (a) Induce suppliers to pump in more quantity in the market; (b) Result in fall in the consumption of the commodity and lower total expenditure on it by the consumer ; (c) Lead to inflationary conditions ; (d) Place the consumer on lower indifference curve

Description : A levy of excise duty on consumption of an item consumed will .. (a) Induce suppliers to pump in more quantity in the market; (b) Result in fall in the consumption of the commodity ... by the consumer ; (c) Lead to inflationary conditions ; (d) Place the consumer on lower indifference curve

Last Answer : (d) Place the consumer on lower indifference curve 

According to principle of diminishing marginal rate of substitution a. One commodity must be decreased while other is increased b. Commodity which is increased has higher marginal significance c. Commodity which is decreased has higher marginal significance. Of these statemenls: A.Only a is correct B.Both a and b are correct C.Both a and c are correct D.All are correct

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Last Answer : C.Both a and c are correct

Demand curve can be derived from the law of diminishlng marginal utility on which of the following assumptions? (i) Utility can be measured in quantitative terms (ii) Utility of money is constant Of these statements: A.Only (i) is true B.Both (i) and (ii) are true C.Only (ii) is true D.Neither (i) nor (ii) is true

Description : Demand curve can be derived from the law of diminishlng marginal utility on which of the following assumptions? (i) Utility can be measured in quantitative terms (ii) Utility of money is constant Of these statements: A.Only ... ) and (ii) are true C.Only (ii) is true D.Neither (i) nor (ii) is true

Last Answer : B.Both (i) and (ii) are true

Combinations of base units are A. simple units B. derived units C. scalars D. vectors

Description : Combinations of base units are A. simple units B. derived units C. scalars D. vectors

Last Answer : derived units

The density of seawater is greater than that of fresh water. A boat will float: w) Higher in fresh water than in seawater x) Lower in fresh water than in seawater y) At the same level in both z) Any of the above, depending upon its shape

Description : The density of seawater is greater than that of fresh water. A boat will float: w) Higher in fresh water than in seawater x) Lower in fresh water than in seawater y) At the same level in both z) Any of the above, depending upon its shape

Last Answer : ANSWER: X -- LOWER IN FRESH WATER THAN IN SEAWATER

Safety aside, for which of the following reasons is alcohol used in preference to mercury in a minimum thermometer? w) Alcohol has a higher boiling point x) Alcohol has a lower freezing point y) Alcohol contracts more uniformly z) Alcohol can be dyed for visibility

Description : Safety aside, for which of the following reasons is alcohol used in preference to mercury in a minimum thermometer? w) Alcohol has a higher boiling point x) Alcohol has a lower freezing point y) Alcohol contracts more uniformly z) Alcohol can be dyed for visibility

Last Answer : ANSWER: X -- ALCOHOL HAS A LOWER FREEZING POINT

Pegging up of a currency means, fixing the value of a currency - (1) at a constant level (2) at a lower level (3) at a higher level (4) leaving it to market forces

Description : Pegging up of a currency means, fixing the value of a currency - (1) at a constant level (2) at a lower level (3) at a higher level (4) leaving it to market forces

Last Answer : (1) at a constant level Explanation: Currency pegging is the idea of fixing the exchange rate of a currency by matching its value to the value of another single currency or to a basket of other ... the value of a currency, with respect to the .currency or the other valuable it is pegged to.

Pegging up of a currency means, fixing the value of a currency (1) at a constant level (2) at a lower level (3) at a higher level (4) leaving it to market forces

Description : Pegging up of a currency means, fixing the value of a currency (1) at a constant level (2) at a lower level (3) at a higher level (4) leaving it to market forces

Last Answer : at a constant level 

Select the correct statement. (A) A contour is not necessarily a closed curve. B) A contour represents a ridge line if the concave side of lower value contour lies towards the higher value contour (C) Two contours of different elevations do not cross each other except in case of an overhanging cliff (D) All of the above statements are correct

Description : Select the correct statement. (A) A contour is not necessarily a closed curve. B) A contour represents a ridge line if the concave side of lower value contour lies towards the higher value contour ... each other except in case of an overhanging cliff (D) All of the above statements are correct

Last Answer : (C) Two contours of different elevations do not cross each other except in case of an overhanging clif

Sectoral distribution of GDP index measures ______. (1) Agriculture development of a country (2) Economic development of a country (3) Social development of a country (4) Socio-Economic development of a Country

Description : Sectoral distribution of GDP index measures ______. (1) Agriculture development of a country (2) Economic development of a country (3) Social development of a country (4) Socio-Economic development of a Country

Last Answer : (2) Economic development of a country Explanation: The sectoral distribution of GDP index measures the development of a country across several economic activities. It the market value of all final goods and services produced in a period (quarterly or yearly).

Opportunity cost of production of a commodity is - (1) the cost that the firm could have Incurred when a different technique was adopted (2) the cost that the firm could have incurred under a different method of production (3) the actual cost incurred (4) the next best alternative output

Description : Opportunity cost of production of a commodity is - (1) the cost that the firm could have Incurred when a different technique was adopted (2) the cost that the firm could have incurred under a different method of production (3) the actual cost incurred (4) the next best alternative output

Last Answer : (4) the next best alternative output Explanation: The concept of opportunity cost is based on scar-city and choice. The opportunity cost of a commodity is the next best alternative commodity ... to produce alternative goods and services. If one commodity is produced another commodity is sacrificed.

Opportunity cost of production of a commodity is (1) the cost that the firm could have incurred when a different technique was adopted (2) the cost that the firm could have incurred under a different method of production (3) the actual cost incurred (4) the next best alternative output

Description : Opportunity cost of production of a commodity is (1) the cost that the firm could have incurred when a different technique was adopted (2) the cost that the firm could have incurred under a different method of production (3) the actual cost incurred (4) the next best alternative output

Last Answer : the next best alternative output

The price of a commodity is the same as (1) Average revenue (2) Total cost (3) Average cost (4) Total revenue

Description : The price of a commodity is the same as (1) Average revenue (2) Total cost (3) Average cost (4) Total revenue

Last Answer : (1) Average revenue Explanation: Average Revenue refers to revenue received per unit of output sold. It is the same as Price of the commodity. Average revenue can be obtained by dividing the total revenue by the number of units sold.

'Law of demand' implies that when there is excess demand for a commodity, then (1) price of the commodity falls (2) price of the commodity remains same (3) price of the commodity rises (4) quantity demanded of the commodity falls

Description : 'Law of demand' implies that when there is excess demand for a commodity, then (1) price of the commodity falls (2) price of the commodity remains same (3) price of the commodity rises (4) quantity demanded of the commodity falls

Last Answer : (3) price of the commodity rises Explanation: The Law of demand states that the quantity demanded and the price of a commodity are inversely related, other things remaining constant. That is, if ... of the commodity the price starts rising and it continues to rise till equilibrium price is reached.

The price of a commodity is the same as (1) Average revenue (2) Total cost (3) Average cost (4) Total revenue

Description : The price of a commodity is the same as (1) Average revenue (2) Total cost (3) Average cost (4) Total revenue

Last Answer : Average revenue

‘Law of demand’ implies that when there is excess demand for a commodity, then (1) price of the commodity falls (2) price of the commodity remains same (3) price of the commodity rises (4) quantity demanded of the commodity falls

Description : ‘Law of demand’ implies that when there is excess demand for a commodity, then (1) price of the commodity falls (2) price of the commodity remains same (3) price of the commodity rises (4) quantity demanded of the commodity falls

Last Answer :  price of the commodity rises

The total utility from 9 units of commodity x is 20 and from 10 units is 15. Calculate the marginal utility from 10th unit. (1) 0.5 (3) 5 (2) -0.5 (4) -5

Description : The total utility from 9 units of commodity x is 20 and from 10 units is 15. Calculate the marginal utility from 10th unit. (1) 0.5 (3) 5 (2) -0.5 (4) -5

Last Answer : (4) -5 Explanation: Marginal Utility = Change in Total Utility / Change in number of Units consumed. The first component of the formula is to calculate the change in total utility. The second component of the marginal utility formula is the change in the number of units that have been consumed.

When price of a substitute of commodity ‘x’ falls, the demand for ‘x’ : (1) falls (2) remains unchanged (3) increases at increasing rate (4) rises

Description : When price of a substitute of commodity ‘x’ falls, the demand for ‘x’ : (1) falls (2) remains unchanged (3) increases at increasing rate (4) rises

Last Answer : falls

The total utility from 9 units of commodity x is 20 and from 10 units is 15. Calculate the marginal utility from 10th unit. (1) 0.5 (2) –0.5 (3) 5 (4) –5

Description : The total utility from 9 units of commodity x is 20 and from 10 units is 15. Calculate the marginal utility from 10th unit. (1) 0.5 (2) –0.5 (3) 5 (4) –5

Last Answer : –5

______ information can be derived from the financial accounting systems - utilities cost centre a) Plant level b) Plant department level c) System level d) Equipment level

Description : ______ information can be derived from the financial accounting systems - utilities cost centre a) Plant level b) Plant department level c) System level d) Equipment level

Last Answer : plant level

Demand curve shifts downwards when (a) at the same price level demand falls (b) price increases and demand falls © price falls and demand also falls (d) at the same price level demand increases

Description : Demand curve shifts downwards when (a) at the same price level demand falls (b) price increases and demand falls © price falls and demand also falls (d) at the same price level demand increases

Last Answer : © price falls and demand also falls

When income increase, consumption also increases : (1) in a lower proportion (2) in a higher proportion (3) in the same proportion (4) None of the options

Description : When income increase, consumption also increases : (1) in a lower proportion (2) in a higher proportion (3) in the same proportion (4) None of the options

Last Answer : (1) in a lower proportion Explanation: According to the Keynesian Consumption theory, "men are disposed, as a rule and on average, to increase their consumption as their income increases, but ... consume decreases, i.e., house-holds spend a decreasing proportion of marginal income on consumption.

If average cost falls, marginal cost - (1) increases at a higher rate (2) falls at the same rate (3) increases at a lower rate (4) falls at a higher rate

Description : If average cost falls, marginal cost - (1) increases at a higher rate (2) falls at the same rate (3) increases at a lower rate (4) falls at a higher rate

Last Answer : (2) falls at the same rate Explanation: Average cost is the per unit cost incurred in the production of a good or service. It is specified as the total cost divided by the quantity of output ... cost also rises; when average cost curve falls with the increase in output, the marginal cost also rises.

In a monopoly market, an upward shift in the market demand results in a new equilibrium with A.A higher quantity and a lower price B.A higher quantity and the same price C.A higher quantity and higher price D.All of the above

Description : In a monopoly market, an upward shift in the market demand results in a new equilibrium with A.A higher quantity and a lower price B.A higher quantity and the same price C.A higher quantity and higher price D.All of the above

Last Answer : C.A higher quantity and higher price

When income increase, consumption also increases : (1) in a lower proportion (2) in a higher proportion (3) in the same proportion (4) None of the options

Description : When income increase, consumption also increases : (1) in a lower proportion (2) in a higher proportion (3) in the same proportion (4) None of the options

Last Answer : in a lower proportion

If average cost falls, marginal cost (1) increases at a higher rate (2) falls at the same rate (3) increases at a lower rate (4) falls at a higher rate

Description : If average cost falls, marginal cost (1) increases at a higher rate (2) falls at the same rate (3) increases at a lower rate (4) falls at a higher rate

Last Answer : falls at the same rate

Market demand curve for a commodity is a (a) Horizontal summation of all the individual demand curve for that product (b) Summation of demand curve of competitive products (c) Demand curve of average demand and price of previous six months (d) Projected demand schedule for next three months

Description : Market demand curve for a commodity is a (a) Horizontal summation of all the individual demand curve for that product (b) Summation of demand curve of competitive products (c) Demand curve of average demand and price of previous six months (d) Projected demand schedule for next three months

Last Answer : (a) Horizontal summation of all the individual demand curve for that product 

Market demand curve for a commodity is (a) Horizontal summation of the individual demand curve for the commodity; (b) Summation of individual demand curve for 3 years; (c) Demand curve of complementary goods ; (d) Demand curve of supplementary goods

Description : Market demand curve for a commodity is (a) Horizontal summation of the individual demand curve for the commodity; (b) Summation of individual demand curve for 3 years; (c) Demand curve of complementary goods ; (d) Demand curve of supplementary goods

Last Answer : (a) Horizontal summation of the individual demand curve for the commodity; 

Market demand curve for a commodity is……………… (a) Horizontal summation of the individual demand curve for the commodity; (b) Summation of individual demand curve for 3 years; (c) Demand curve of complementary goods ; (d) Demand curve of supplementary goods

Description : Market demand curve for a commodity is……………… (a) Horizontal summation of the individual demand curve for the commodity; (b) Summation of individual demand curve for 3 years; (c) Demand curve of complementary goods ; (d) Demand curve of supplementary goods

Last Answer : (a) Horizontal summation of the individual demand curve for the commodity; 

Consumer gets maximum satisfaction at the point where - (1) Marginal Utility = Price (2) Marginal Utility > Price (3) Marginal Utility < Price (4) Marginal Cost = Price

Description : Consumer gets maximum satisfaction at the point where - (1) Marginal Utility = Price (2) Marginal Utility > Price (3) Marginal Utility < Price (4) Marginal Cost = Price

Last Answer : (1) Marginal Utility = Price Explanation: As per the law of diminishing marginal utility, the utility of each successive unit goes on diminishing as more and more units of a commodity are consumed. A ... for it. In this way, the consumer will get the maximum satisfaction and will be in equilibrium.

'Capital gains' refers to goods which - (1) serve as a source of raising further capital (2) help in the further production of goods (3) directly go into the satisfaction of human wants (4) find multiple uses

Description : 'Capital gains' refers to goods which - (1) serve as a source of raising further capital (2) help in the further production of goods (3) directly go into the satisfaction of human wants (4) find multiple uses

Last Answer : (2) help in the further production of goods Explanation: Capital goods are goods that are used in producing other goods, rather than being bought by consumers. They are tangible assets such as ... uses to produce goods or services in order to produce consumer goods and goods for other businesses.

In teaching process first step is — a. Satisfaction b. Action c. Desire d. Attention

Description : In teaching process first step is — a. Satisfaction b. Action c. Desire d. Attention

Last Answer : d. Attention

‘Capital gains’ refers to goods which (1) serve as a source of raising further capital (2) help in the further production of goods (3) directly go into the satisfaction of human wants (4) find multiple uses

Description : ‘Capital gains’ refers to goods which (1) serve as a source of raising further capital (2) help in the further production of goods (3) directly go into the satisfaction of human wants (4) find multiple uses

Last Answer : help in the further production of goods

Consumer gets maximum satisfaction at the point where (1) Marginal Utility = Price (2) Marginal Utility > Price (3) Marginal Utility < Price (4) Marginal Cost = Price

Description : Consumer gets maximum satisfaction at the point where (1) Marginal Utility = Price (2) Marginal Utility > Price (3) Marginal Utility < Price (4) Marginal Cost = Price

Last Answer : Marginal Utility = Price