QUIZ ON LAW OF DEMAND

QUIZ ON LAW OF DEMAND BY :-D.N.TIWARIPGT(ECONOMICS)JNV BAHRAICH UP INDIA : QUIZ ON LAW OF DEMAND BY :-D.N.TIWARIPGT(ECONOMICS)JNV BAHRAICH UP INDIA D.N.TIWARI PGT(ECONOMICS) JAWAHAR NAVODAYA VIDYALAYA KIRTANPUR BAHRAICH UP dntjnv@yahoo.co.in

: CETRIS PARIBUS MEANSA.CONSUMER IS RATIONALB.OTHER FACTORES REMAIING CONSTANTC.I WILL HELP YOUD.CHANGE IN OTHER FACTORS. ANS.:_ B dntjnv@yahoo.co.in

1.WHICH IS NOT A BASIC ASSUMPTION OF ECONOMICS? : 1.WHICH IS NOT A BASIC ASSUMPTION OF ECONOMICS? A. CETRIS PARIBUS B. RATIONALITY C.HUMANITY D.RIGHT ATTITUDE ANS:- D dntjnv@yahoo.co.in

2.AS PER LAW OF DIMINISHING MARGINAL UTILITY PRICE TO BE PAID DEPENDS ON : 2.AS PER LAW OF DIMINISHING MARGINAL UTILITY PRICE TO BE PAID DEPENDS ON A. TASTE B. PREFERENCE C.HABITS D.MARGINAL UTILITY OF THE COMMODITY. ANS. :- D dntjnv@yahoo.co.in

3.CONSUMERS EQUILIBRIUM : 3.CONSUMERS EQUILIBRIUM A. MU=PRICE B. MU=CONSUMERS SATISFACTION C. MU =MARGINAL UTILITY OF MONEY D. MU IS NOT = TO PRICE ANS.:- A dntjnv@yahoo.co.in

4.BY INDIFFERENCE CURVE ANALYSIS CONSUMER’S EQUILIBRIUM MEANS : 4.BY INDIFFERENCE CURVE ANALYSIS CONSUMER’S EQUILIBRIUM MEANS A.MUx/Px=MUy/Py=MUm B.MUx/Px=MUy/Py C.MUx/Px IS NOT = TO MUy/Py D.MUx/Px=MUy/Py IS NOT =Mum ANS:- B dntjnv@yahoo.co.in

5.WHICH IS NOT REQUIRED IN DEFINING DEMAND FOR A COMMODITY : 5.WHICH IS NOT REQUIRED IN DEFINING DEMAND FOR A COMMODITY A. HABITS B. AN EFFECTIVE HUMAN DESIRE C. ABILITY TO PAY D. WILLINGNESS TO PAY ANS:- A dntjnv@yahoo.co.in

6.WHICH IS NOT RESPONSIBLE FOR INCREASE IN DEMAND FOR A COMMODITY : 6.WHICH IS NOT RESPONSIBLE FOR INCREASE IN DEMAND FOR A COMMODITY A. PRICE OF THE COMMODITY B. INCREASE IN THE PRICE OF THE OTHER COMMODITY C. INCREASE IN CONSUMER’S INCOME D. FAVOURABLE CHANGE IN FASHION/CLIMATE. ANS:- A dntjnv@yahoo.co.in

8.WHICH ARE NOT RESPONSIBLE FOR CONTRACTION IN DEMAND FOR A COMMODITY : 8.WHICH ARE NOT RESPONSIBLE FOR CONTRACTION IN DEMAND FOR A COMMODITY A. INCREASE IN PRICE OF THE COMMODITY B. INCREASE IN THE PRICE OF THE OTHER COMMODITY C. INCREASE IN CONSUMER’S INCOME D. UNFAVOURABLE CHANGE IN FASHION/CLIMATE. ANS:- B,C,D dntjnv@yahoo.co.in

Slide 10 : Figure 1.1 A Shift of the Demand Curve p , $ per kg 220 176 Effect of a 60 ¢ increase in the price of beef D 1 D 2 232 Q , Million kg of pork per year 0 3.30 9.WHICH TYPES OF GOODS ARE BEEF & PORKS COMPLIMENTRY B.SUBSTITUTES C.BOTH D.NONE ANS. B dntjnv@yahoo.co.in

Slide 11 : p , $ per ton 50 Q , Tons of peaches per 10,000 people per year 0 275 183 Total demand Demand for canned peaches Demand for fruit Q c = 18 Q = 22 Q f = 4 10..WHICH CURVE IS BEEN SHOWN ABOVE? A.MARKET DEMAND CURVE B. INDIVIDUAL DEMAND CURVE C.SUPPLY CURVE D. MARKET SUPPLY CURVE. ANS:- A

Slide 12 : dntjnv@yahoo.co.in