4/22/2020 Engineering Economics Quiz-1

Engineering Economics Quiz-1

Total points 12/12

Email address *

purohitamrutraj@gmail.com

Name *

Amrutraj Purohit

Section *

Civil - B

Roll No. *

1602031096

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4/22/2020 Engineering Economics Quiz-1

St. Petersburg paradox deals with the problem, why most people 1/1
__________to participate in a _________ game *

willing and fair

willing and unfair

unwilling and fair

unwilling and unfair

The downward sloping demand curve can be explained by: (I) 1/1
Diminishing marginal utility (II) Diminishing marginal returns (III) The
income effect

I only

II only

III only

I and III only

I, II, and III

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4/22/2020 Engineering Economics Quiz-1

When a change in the price of a good causes a change in the quantity of 1/1
the good demanded because the relative prices of other goods change,
this is best attributed to the

Income effect

Substitution effect

Price effect

Diminishing marginal utility

Reduction in purchasing power

Pepsi and Coke are substitutes for Rajesh since he can't tell the 1/1
difference in taste between the two colas. A decrease in the price of
Coke will

Increase the demand for Pepsi

Decrease the demand for Coke

Decrease the demand for Pepsi

Increase the demand for Coke and decrease the demand for Pepsi

Decrease the quantity of Coke demanded and increase the demand for Pepsi

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4/22/2020 Engineering Economics Quiz-1

The law of ____________ states that the consumer will distribute his 1/1
money income between the goods in such a way that the utility derived
from the last rupee spent on each good is equal

marginal utility

diminishing marginal utility

total utility

equi-marginal utility

In the indifference curve approach , the amount of Y whose loss can just 1/1
compensate the consumer for one unit gain in X can be termed as

Marginal rate of substitution of X for Y

Absolute Rate of substitution of X for Y

Marginal rate of substitution of Y for X

Rate of substitution of X for Y

Which of the following is not a property of Indifference curve? 1/1

Indifference curve slopes downward to the right

Indifference curve concave to the origin

indifference curves never intersect each other

Higher indifference curve represents higher level of satisfaction

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4/22/2020 Engineering Economics Quiz-1

All those combinations of two goods which the consumer can buy by 1/1
spending his given money income on the two goods at their given prices
is termed as

Demand line

supply curve

budget line

indifference curve

elasticity of demand

Effect of changes in income on the budget line is 1/1

Parallel shift of budget line

Upward shift of budget line

downward shift of budget line

vertical shift of budget line

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4/22/2020 Engineering Economics Quiz-1

The MRS of X for Y must be __________ at the point of consumers 1/1

equilibrium

Rising

constant

falling

One

The slope of budget line must be ______________ the slope of 1/1

indifference curve at the point of consumers equilibrium

>

<

not same

What is risk? 1/1

A situation in which the outcome of a decision is uncertain but the possibility of

each possible outcome is known or can be estimated

A situation in which the outcome of a decision is certain but the possibility of each
possible outcome is known or can be estimated

A situation in which the outcome of a decision is uncertain but the possibility of

each possible outcome is unknown or cannot be estimated

A situation in which the outcome of a decision is certain or can be estimated

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4/22/2020 Engineering Economics Quiz-1

Bernoulli stated that rational individual take decisions under risky and
uncertain situations on the basis of ____________ and ____________

Actual utility and actual money value

Actual utility and expected monetary value

Expected utility and Actual monetary value

Expected utility and expected monetary value

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