Theory of Consumer Behaviour MCQs with answers
Dear candidates you will find MCQ questions of 11th Class - Microeconomics: Introductory Microeconomics | Chapter: Theory of Consumer Behaviour here. Learn these questions and prepare yourself for coming examinations. You can check the right answer of any question by clicking the option or by clicking view answer button.
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Q. Which is the First Law of Gossen?
✅ Correct Answer: (B)
Law of Diminishing Marginal Utility
Q. Which of the following is a characteristic of utility ?
✅ Correct Answer: (D)
All of these
Q. Who basically propounded the concept of Law of Equimarginal Utility ?
✅ Correct Answer: (C)
Ricardo
Q. The ability of satisfying human want in a goods is called its:
✅ Correct Answer: (C)
Utility
Q. The addition of utilities obtained from all units of a goods is called
✅ Correct Answer: (B)
Total Utility
Q. According to total outlay method, the demand of a good is sinelastic when
✅ Correct Answer: (B)
When price of good decreases and money spent decreases
Q. If price of goods ‘X’ falls leading to increase in demand of goods ‘ Y’ then both the goods are:
✅ Correct Answer: (B)
Complementary goods
Q. Any statement about the demand of an object is considered complete when it is mentioned in the following:
✅ Correct Answer: (D)
All of the above
Q. Indifference curves were first introduced by the English economist in 1881 by
✅ Correct Answer: (A)
Edge worth
Q. Marshall has given the law of Equimarginal utility related
✅ Correct Answer: (A)
Related to goods
Q. Any statement about demand for a good is considered complete only when the following is/are mentioned in
✅ Correct Answer: (A)
Price of the good
Q. If the demand for a good changes by 60% due to 40% change in price, the elasticity of demand is
✅ Correct Answer: (B)
-1.5
Q. The elasticity of demand at the mid-point of a straight line demand curve:
✅ Correct Answer: (B)
will be unity
Q. Price elasticity of demand means
✅ Correct Answer: (A)
Change in demand due to change in price
Q. Which of the following factor affects elasticity of demand ?
✅ Correct Answer: (D)
All of these
Q. Who propounded the percentage or proportionate method of measuring elasticity of demand ?
✅ Correct Answer: (B)
Flux
Q. With which method, elasticity of demand is measured ?
✅ Correct Answer: (D)
All of these
Q. Which of the following shows elasticity less than one ?
✅ Correct Answer: (A)
Necessity Goods
Q. With an increase in income consumer decreases the consumption of which goods ?
✅ Correct Answer: (C)
Giffin goods
Q. For a change in which of the following, there is no change in demand ?
✅ Correct Answer: (D)
None of these
Q. Which of the following is a reason for fall in demand ?
✅ Correct Answer: (D)
All the above
Q. For normal goods, Law of Demand states the relationship between price and quantity of goods:
✅ Correct Answer: (C)
Indirect
Q. When change in the price of goods-X affects the demand of goods-Y, this demand is called
✅ Correct Answer: (D)
All of these
Q. In which goods, price fall does not make any increase in demand ?
✅ Correct Answer: (A)
Necessities Goods
Q. According to the law of equi-marginal utility, the condition for consumer’s equilibrium is
✅ Correct Answer: (C)
Both (a) and (b)
Q. When marginal utility is negative, then total utility
✅ Correct Answer: (B)
Starts decreasing
Q. For the maximum satisfaction of consumer:
✅ Correct Answer: (A)
Marginal utility of a good should be equal to its price.
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