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Questions and Answers
What assumption does Alfred Marshall make about the marginal utility of money in the law of diminishing marginal utility?
What assumption does Alfred Marshall make about the marginal utility of money in the law of diminishing marginal utility?
- Decreases
- Rises and then falls
- Increases
- Remains constant (correct)
In which case is the demand curve parallel to the X-axis?
In which case is the demand curve parallel to the X-axis?
- Relatively inelastic demand
- Relatively elastic demand
- Perfectly inelastic demand
- Perfectly elastic demand (correct)
Which type of barometer is an index number considered to be?
Which type of barometer is an index number considered to be?
- Simple
- Statistical (correct)
- Weights
- Economic
Which method is used to estimate national income in India?
Which method is used to estimate national income in India?
Why do we include only the value of final goods and services when calculating national income?
Why do we include only the value of final goods and services when calculating national income?
Which of the following is not categorized as a harmful product?
Which of the following is not categorized as a harmful product?
Which of the following is an example of a legal monopoly?
Which of the following is an example of a legal monopoly?
Which item does not represent a necessary good?
Which item does not represent a necessary good?
Complete the correlation: Transportation of good : Place utility : : Furniture from wood : ?
Complete the correlation: Transportation of good : Place utility : : Furniture from wood : ?
What type of market structure is characterized by very few sellers?
What type of market structure is characterized by very few sellers?
Which term best describes the responsiveness of quantity demanded to a change in income?
Which term best describes the responsiveness of quantity demanded to a change in income?
What additional utility is gained from consuming one more unit of a commodity called?
What additional utility is gained from consuming one more unit of a commodity called?
Which situation describes an increase in demand at lower prices?
Which situation describes an increase in demand at lower prices?
What is the difference between total utility and marginal utility?
What is the difference between total utility and marginal utility?
What economic term is used to describe the situation when a consumer reduces quantity demanded due to rising prices?
What economic term is used to describe the situation when a consumer reduces quantity demanded due to rising prices?
What best defines the relationship between demand and supply in the given schedule at a price of $30 per dozen bananas?
What best defines the relationship between demand and supply in the given schedule at a price of $30 per dozen bananas?
Flashcards
Market Structure
Market Structure
The characteristics of a market, including the number of sellers and type of products.
Marginal Utility
Marginal Utility
The additional satisfaction gained from consuming one more unit of a good.
Demand vs. Desire
Demand vs. Desire
Demand is the willingness and ability to purchase, while desire is just wanting something.
Micro vs. Macro Economics
Micro vs. Macro Economics
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Direct Tax
Direct Tax
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Complementary Goods
Complementary Goods
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Total Utility
Total Utility
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Supply and Demand Relation
Supply and Demand Relation
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Law of Diminishing Marginal Utility
Law of Diminishing Marginal Utility
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Marginal Utility of Money
Marginal Utility of Money
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Demand Curve
Demand Curve
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Index Number
Index Number
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National Income Estimation
National Income Estimation
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Value of Final Goods
Value of Final Goods
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Harmful Products Example
Harmful Products Example
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Feature of Monopoly
Feature of Monopoly
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Study Notes
Economics Exam - STD. XII
- Multiple Choice Questions (MCQs) are compulsory.
- Figures on the right indicate the marks for each question.
- Answers to each question must start on a new page.
Law of Diminishing Marginal Utility
- Alfred Marshall's law assumes the marginal utility of money remains constant.
Demand Curves
- A perfectly elastic demand curve is parallel to the x-axis.
- A perfectly inelastic demand curve is parallel to the y-axis.
Index Numbers
- Index numbers are statistical barometers.
National Income Estimation in India
- National income in India is primarily estimated using a combination of output, income, and expenditure methods.
National Income Calculation
- Only final goods and services are included in national income calculations to avoid double counting.
- Depreciation is deducted from the GDP.
Harmful vs Necessary Goods
- Example of harmful products: Alcohol, Poison, Opium.
- Example of necessary products: Salt, Medicine, Milk
Economic Terms
- Reward of an entrepreneur: Profit
- A market with few sellers: Oligopoly
- Degree of responsiveness (of quantity demanded to changes in income): Income elasticity of demand
- Additional utility from an extra unit: Marginal utility
- Situation where quantity demanded increases at a lower price: Law of demand
Economic Concepts in Illustrations
- Substitution Effect: A rise in mango prices leads to a decrease in the quantity demanded.
- Production Decisions: A business owner (Ramesh) managing all production choices.
- Factor Payments: Payments (i.e., pension) to a factor of production (labour).
- Transaction: Sheetal purchasing wheat flour from a mill.
Micro vs Macro Economics
- Microeconomics focuses on individual units and factors affecting them.
- Macroeconomics studies overall economic activities.
Stock vs Supply
- Stock describes a quantity at a point in time.
- Supply refers to a quantity over a period of time.
Index Numbers
- Simple index numbers are calculated using uncomplicated methods.
- Weighted index numbers provide greater weight to more significant components.
Utility Concepts
- Total utility refers to the total satisfaction derived from consuming a given quantity of a product.
- Marginal utility refers to the extra satisfaction derived from consuming one more unit.
Demand Deposits vs Time Deposits
- Demand deposits are easily accessible with no restrictions.
- Time deposits have restrictions on access and generally offer higher returns.
Equilibrium Price
- Equilibrium price is the balance point where supply meets demand for goods and services.
Substitute Products
- Gemini Oil: Sunflower Oil, Mustard Oil
- Colgate Toothpaste: Sensodyne, Crest
- Red Label Tea: Lipton, Twinings
- Bru Coffee: Nescafé, Maxwell House
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Description
Test your knowledge with this comprehensive Economics exam designed for Standard XII students. Covering key concepts such as the Law of Diminishing Marginal Utility, demand curves, index numbers, and national income estimation, this quiz challenges your understanding of fundamental economic principles.
