Fill in the blanks:

1. ___________ is defined as want satisfying capacity of the commodity (demand / supply / utility / equilibrium). 2. ________ is associated with the commodity but not inherited with it. (utility / supply / inflation / equilibrium). 3. Utility is not associated with welfare. This sentence is ________ (true / false). 4. Utility is a ___________ concept. (relative / absolute) 5. Utility differs from person to person, place to place and situation to situation. (true / false). 6. Quantity of a commodity and marginal utility are ________. (negatively related / positively related). 7. Utility is ___________ term. (subjective / objective) 8. Generalisation of a subjective term is possible. (true / false) 9. Utility means value in ________ (use / exchange) 10.Raw mineral, basic fertility of the land, the wood available from the forest etc. possess ________ utility (time / basic / time / form) 11.Utility through propaganda and advertisement can be termed as _______ utility. ( individual / basic / knowledge / marginal utility) 12.Utility derived from additional unit of a commodity is called _______ utility (total / form / basic / marginal) 13._______ = u / x ( marginal utility / total utility / service utility / basic utility) 14.When marginal utility is zero, total utility is (increasing / decreasing / maximum / minimum) 15.Marginal utility can be negative. (true / false) 16._________ is an activity or a benefit that one party can offer to another that is essentially intangible and does not result in ownership of anything. (goods, service, demand) 17.Production of services can be tied to a physical product (true, false) 18.Transfer of ownership is possible in case of services (true, false) 19.________ solves most of the difficulties of the barter system. (demand, goods, services, money) 20.________ facilitates the economic transactions in the economy. (equilibrium, money, price, inflation) 21.Universal acceptability of money is necessary. (true, false) 22.According to Marshall _________ possesses utility scarcity transferability and has a personal ownership. (money, demand, wealth, price) 23.Service skills like teaching, singing etc. possesses exchangeability (true, false) 24. The service skills cant be defined as _______ because it does not have exchangeability. (value, scarcity, wealth, income) 25.All money is wealth but all wealth is not money. (true, false) 26.________ is an instrument to measure wealth. (value, money, exchangeability, scarcity) 27.Value has two meanings value in _____ and value in _______ (exchange and use) 28.In economics when the word value is used it always refers to ______ (value in use, value in exchange) 29. When value of any commodity is expressed in terms of money it is called. (price, wealth, exchange, inflation) 30.Value of two commodities can increase simultaneously. (true, false) 31.Price of two commodities can increase simultaneously. (true, false) 32._______ is expressed in terms of money. (value, price) 33._____ is expressed in terms of other goods. (value, price) 34.There cannot be general rise or fall in values, but there can be a general rise or fall in prices. (true, false) 35.When free goods are converted into economic goods welfare _______. (increases, reduces) 36.When monetary income of a person increases his ________ also improves. (scarcity, standard of living) 37.The actual measure of success of a person or nation is real income not a monetary income (true, false) 38.Real income is based on two factors - _______ and ________ (monetary income, price level) 39.If the increase in price level is more than monetary income, a persons real income increases (true, false) 40.______ studies individual economic constituents. (microeconomics, macroeconomics) 41.__________ studies total or aggregate economic constituents. (microeconomics, macroeconomics) 42.Microeconomics and macroeconomics are substitutes of each other (true, false: they are complementary) 43._____ is the study of what and why an economy operates as it does. (positive, normative, negative) 44.________ is the study of how the economy should be. (positive, normative, negative) 45._______ statements cannot be judged because they are based on individual opinion. (positive, normative) 46.The difference between anticipated price and actual price is ________ (demand, consumers surplus, consumption function, effective demand) 47.Consumer wants to equate marginal utility with _________ (satisfaction, surplus, price, goods) 48. Consumers surplus = ______ - _________ (price prepared to pay, price actually paid) 49.Due to scarcity problem of __________ arises (choice, demand, supply, satisfaction) 50.Scarcity definition was given by ________ (Adam Smith, Alfred Marshall, Lionel Robbins, Samuelson)

51.According to Robbins economics is a science of _________ (wealth, welfare, development, choice) 52.Robbins definition considered problems generated by unemployment. (true / false) 53.__________ provides practical shape to economic theory. (definition, economic laws, economic policy, equilibrium) 54._______ is necessary for effective implementation of economic policy. (economic laws, economic regulation, fiscal policy, taxation policy) 55.The two controls exercised under price mechanism for social welfare by government are ______ and ______ (bottom price, price ceiling) 56.Under free price system labourers are paid less wages than their marginal productivity. (true, false) 57.The principles or generalisations which an average man usually follows when he is engaged in economic activity are known as _________. (economic laws, economics policies, economic regulation, economic welfare) 58._________ are the statements of general tendencies. (economic laws, economic policies, economic regulation, economic welfare) 59.Economic laws are less exact compared to natural sciences like physics, chemistry etc. (true, false) 60.Laws of economic are quantitative in nature. (true, false) 61.__________ has considered economics as science of wealth. (Adam Smith, Alfred Marshall, Lionel Robbins, Samuelson) 62.________ shows relationship between dependent and independent variable. (scarcity, function, demand, curve) 63.__________ shows relationship between price and demand. (demand function, supply function) 64.Price effect = _________ + _________ (income effect, substitution effect) 65.The relationship of price and demand for substitute goods is ________. The same for complementary goods is _______ (positive, negative) 66.The line which represents the opportunities available to the individual under given prices and income and thus represents the opportunities available to the individual under prices and income is called _________. (income line, budget line, indifference curve, iso-quant) 67.The curve which indicates same level of satisfaction at each combination is known as ___________. (income line, budget line, indifference curve, iso-quant) 68.Two indifference curves can intersect eachother. (true, false) 69.Indifference curves are convex to the origin. (true, false) 70.The rate at which the commodity is been sacrificed is defined as ________ (marginal rate of substitution, indifference curve, iso-quant, budget line) 71.Consumers equilibrium is achieved when indifference curve is tangent to budget line. (true, false) 72._________ indicates the ratio of change in demand due to change in price. (demand curve, price elasticity of demand, indifference curve, marginal rate of substitution) 73.In case of inelastic demand the change in demand will be ________ than the change in price. (higher, lower) 74.In case of elastic demand the change in demand will be ________ than the change in price. (higher, lower) 75.Perfectly elastic demand is equal to ________ (zero, infinite) 76.Perfectly inelastic demand is equal to ________ (zero, infinite) 77.When percentage change in demand equals percentage change in price, this is the case of (perfect inelastic, unitary elastic, perfectly inelastic) 78.Cross elasticity of demand is _______ in case of substitutes and _______ in case of complementary products. (positive, negative) 79.The income elasticity of demand can be zero. (true, false) 80.Under _________ method of calculating elasticity of demand lower segment of demand curve is divided by upper segment. (arc method, point method, geometrical method)