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bethan
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  1. OBJECTIVE QUESTIONS1.Select the correct answer(i) Rotten eggs are:a. free good b. Economic good c. service d. Wealth(ii) Human wants are:a. One thousand b. Few c. Innumerable d. Countable (iii) A consumer is in equilibrium when marginal utilities are:a. Minimum b. Highest c. Equal d. Increasing(iv) When marginal is negative, it must be true that:a. The average is negative b. The average is decreasing c. The total is negative d, the total is decreasing(v) The term ‘marginal’ in Economics means:a. Unimportant b. Additional c. The minimum unit d. Just barely passing(vi) Utility is most closely related to the term:a. Useful b. Useless c. Necessary d. Satisfaction(vii) Demand curve slopes downward cause of the law of:a. consumer equilibrium b. Utility maximisation c. Utility minimisationd. Diminishing marginal utility(viii) Law of substitution is another name for of:a. Law of DMU b. Law of EMU C. Law of demand d. Satisfaction(xi) Law of equi-marginal utility is a law of:a. production of wealth b. Consumption of wealth c. Distribution of wealth d. exchange of wealth

  2. (x) Utility n usefulness are:a. Equal b. Different c. Similar d. Un-related(xi) When MU is positive, TU is:a. Increasing b. Decreasing c. Remaining constant d. Is highest(xiii) Diminishing marginal utility is the basis of:a. Law of supply b. Law of demand c. Law of returns d. None of them(xiv) Quantity of a commodity that satisfies some human want or need is called:a. Service b. Demand c. Utility d. Efficiency(xv) From the given table, find marginal utility Units 0 1 2 3 4for the third unit TU 0 20 35 45 502. Name three assumptions n limitations of LDMU.3. Name three assumptions n limitations of LEMU.

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