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- 1. Multiple-choice2 minutes1 pt
In ordinal utility
We measure satisfaction in numbers
We rank our satisfaction
Any of the above
None of the above
- 2. Multiple-choice2 minutes1 pt
In indifference curve consumer is assumed to be
Indifferent
Different
Monotonic preferred
None of the above
- 3. Multiple-choice2 minutes1 pt
In monotonic preference, consumer will always prefer that combination in which he gets
Less units of commodity(ies)
More units of commodity(ies)
Any of the above
None of the above
- 4. Multiple-choice2 minutes1 pt
MRS stands for
Marginal rate of satisfaction
Marginal rate of standard
Marginal rate of substitution
Marginal rate of sacrifice
- 5. Multiple-choice2 minutes1 pt
If the consumer is having monotonic preference, which out of these two combinations he will prefer - (3, 12) and (3, 7)
(3,7)
(3, 12)
Any of the above
None of the above
- 6. Multiple-choice2 minutes1 pt
All combinations on an indifference curve gives consumer
Equal satisfaction
No satisfaction
Different satisfaction
None of the above
- 7. Multiple-choice2 minutes1 pt
Indifference curve is
Concave shaped
Convex shaped
Straight parallel line
Horizontal shaped
- 8. Multiple-choice2 minutes1 pt
In Indifference map
1 Indifference curve is represented
2 or more than 2 indifference curves are presented
None of the above
Any of the above
