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1. In which analysis can utility be measured in definite numbers such as 1, 2, 3, 4, etc.?
(a) Cardinal utility analysis
(b) Ordinal utility analysis
(c) Both (a) and (b)
(d) None of these
Answer - (a) Cardinal utility analysis
2. Ordinal concept of utility expresses utility in terms of:
(a) units
(b) level of satisfaction
(c) constants
(d) none of these
Answer - (b) level of satisfaction
3. Want-satisfying power of a commodity is called:
(a) consumption
(b) utility
(c) production
(d) value addition
Answer - (b) utility
4. Formula for calculation of marginal utility is:
(a) MUₙ = TUₙ - TUₙ₊₁
(b) MUₙ =TUₙ₊₁ - TUₙ₋₁
(c) MUₙ = TUₙ - TUₙ₋₁
(d) none of these
Answer - (c) MUₙ = TUₙ - TUₙ₋₁
5. When only one unit of the commodity is consumed:
(a) MU= TU
(b) MU> TU
(c) MU<TU
(d) none of these
Answer - (a) MU= TU
6. Which of the following equations is incorrect?
(a) MU=TUₙ₊₂ - TUₙ₊₁
(b) MU= TU/Q
(c) MU= TUₙ - TUₙ₋₁
(d) TU = ΣMU
Answer - (b) MU= TU/Q
7. If the consumer consumes only one commodity 'X', he will be in equilibrium when:
(a) MUₓ < Pₓ
(b) MUₓ = Pₓ
(c) MUₓ > Pₓ
(d) none of these
[Here, MUₓ = Marginal utility of the commodity-X (in terms of money); Pₓ = Price of commodity-X.]
Answer - (b) MUₓ = Pₓ
8. When marginal utility is negative, total utility is:
(a) zero
(b) diminishing
(c) maximum
(d) minimum
Answer - (b) diminishing
9. Law of Diminishing Marginal Utility states that when more and more units of a commodity are consumed, marginal utility:
(a) begins to increase
(b) remains constant
(c) begins to decrease
(d) becomes zero
Answer - (c) begins to decrease
10. When total utility is maximum, marginal utility becomes:
(a) zero
(b) unity
(c) positive
(d) negative
Answer - (a) zero
11. When TU is increasing at a diminishing rate, MU must
(a) increasing
(b) decreasing
(c) constant
(d) negative
Answer - (b) decreasing
12. Marginal utility of a particular commodity at the point of saturation is:
(a) zero
(b) unity
(c) greater than unity
(d) less than unity
Answer - (a) zero
13. With the increase in consumption by one unit of the commodity, TU increases from 150 to 180, ther marginal utility is:
(a) 50
(b) 1.2
(c) 30
(d) 0.833
Answer - (c) 30
14. The consumer is in equilibrium and is consuming commodity-X only. The marginal utility from unit consumed of commodity-X = 50 utils and MUM = 10. Find the price of the commodity-X.
(a) 5
(b) 40
(c) 10
(d) 4
Answer - (a) 5
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