Micro Economics 100 MCQs
1) Worth a rupee to a consumer is called: (a) Marginal utility of money ✔ (b) total utility of money (c) diminishing marginal utility of money (d) consumer’s equilibrium 2) A consumer attains equilibrium, in case of one commodity, when: (a) MUx= Px ✔ (b) MUx>Px (c) MUx < Px (d) MUx = 0 3) Consumer equilibrium in case of two commodities(say X and Y) is struck when: (a) MUx/Px= MUm (b)MUx/Px>MUy/Py (c) MUx/px = MUy/py = MUm✔ (d)MUx/Px 4) A consumer reaches the point of equilibrium when; (a) MRSxy>Px/Py (b)MRSxy < Px/Py (c) MRSxy=Px/Py ✔ (d) none of these 5) A consumer will start buying less of good-X and more of Good-Y, when: (a) MUx/Px = MUm (b)MUx/Px < MUy/Py ✔ (c)MUy/Py = MUm (d)MUx/Px>MUy/Py 6) According to IC approach, at the point of equilibrium: (a)slope of IC > slope of price line (b)slope of IC < slope of price line (c)slope of IC # slope of price line (d)slope of IC=slope of price lin