‘292020 Class Test 1 Class Test -1 Objective type Questions, 20 questions, Time - 30 min *Required 1. Total Utility is maximum when: * © Marginal Utility is Maximum © Marginal Utility is Zero © Average Utility is Maximum O Average utility is Zero 2. Cardinal approach is related to: * CO Indifference Curve © Equi-marginal utility © Law of Diminishing returns O None of these 3. Cross elasticity of demand in Monopoly Market is: * O Elastic ©@ Zero CO Infinite © One hitps/idocs google. comormslelFAlpOLScHWaUVe49kl ZLJ5WA3-00 -evr-OKLSTFOAHGMNMZW2IXugiviewform wr‘292020 Class Test 1 4, A Consumer buys 80 units of a good at 4 Rs./unit. When price falls, he buys 100 units, EP= -1. Find New Price. * 5. A household increases a demand for commodity from 40 units to 50 units when its price falls by 10%, calculate EP. * O3 O4 © 25 Os 6. If Demand is parallel to x axis , What will be the nature of elasticity? * © Perfectly elastic CO Mnelastic O Elastic O Highly elastic hitps/idocs google. comormslelFAlpOLScHWaUVe49kl ZLJ5WA3-00 -evr-OKLSTFOAHGMNMZW2IXugiviewform‘292020 Class Test 1 7. Law of demand i © Quantitative Statement © Qualitative Statement © Botha&b © Hypothetical 8.For rise in price of complement goods : * © Demand curve shifts to left © Demand curve shifts to right © Demand curve moves downward © Demand curve moves upward 9. For which good does demand fall with a rise in income level : * © Inferior goods © Substitutes goods © Luxuries goods CO Necessities goods hitps/idocs google. comormslelFAlpOLScHWaUVe49kl ZLJ5WA3-00 -evr-OKLSTFOAHGMNMZW2IXugiviewform‘292020 Class Test 1 10. Total cost of producing similar products divided by number of units produced is a technique known as * CE Sale costing system © Job costing system CO Price costing System © Process costing system 11. If the total manufacturing cost is 40,000 and the total units manufactured is 500 units. Then the per unit cost would be: * © # O 6 O7 O 35 12. Marginal cost is also known as : * O Direct costing © Variable costing @ Bothaad © None of the above hitps/idocs google. comormslelFAlpOLScHWaUVe49kl ZLJ5WA3-00 -evr-OKLSTFOAHGMNMZW2IXugiviewform‘292020 Class Test 1 13. If Total cost of 100 units is Rs.5000 and those of 101 units is Rs.5030 then increase of Rs. 30 in total cost is: * © Marginal cost O Prime cost © All variable Overheads O None of the above 14, Fixed expenses decrease per unit with the increases in production and increases per unit with the decrease in production. * 15. Which of the following statements about opportunity cost is true ? * © i. Opportunity cost is equal to implicit costs plus explicit costs © ii. Opportunity cost only measures direct monetary costs © Opportunity cost accounts for altemative use of resources such as time and money © Mand ut O land ii O Monly hitps/idocs google. comormslelFAlpOLScHWaUVe49kl ZLJ5WA3-00 -evr-OKLSTFOAHGMNMZW2IXugiviewform‘292020 Class Test 1 16. Inflation Occurs when aggregate supply is :* © More than aggregate demand © Less than aggregate demand © Equal to aggregate demand O None of these 17, Deflation is a situation in which * © The value of money is falling © The price of goods is increasing © The value of money is increasing © The price level is stagnant 18. Income tax is collected on all types of income except * © Asricultural income © Industrial income © Capital gain © Household property 19. GST was implemented in India. * © 1st august-2017 © Istjuly-2017 © 1st march - 2017 © Ist February - 2017 hitps/idocs google. comormslelFAlpOLScHWaUVe49kl ZLJ5WA3-00 -evr-OKLSTFOAHGMNMZW2IXugiviewform‘12072000 cass Test-4 20. Banks not only accept deposits but also Savings. * O Distribute © Mobilize © Convert © None of above This content is neither created nor endorsed by Google. Report Abuse - Terms of Service - Privacy Policy Google Forms hitps/Idocs.google.comormsilelFAlpOLScHWaUVe49kl ZLJ5WA3-00 -evr-OKLSTFOAHGMNMZW2IKugiviewform ed