Tag: utility, value and price

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Questions Related to utility, value and price

Multiple choice social science prices and cost of living value and price utility, value and price price rise/inflation

_______ refers to the importance of a commodity due to its usefulness whereas _______ refers to the capacity of a commodity to command or obtain other goods in exchange.

  1. Value in use, value in exchange

  2. Value in exchange, value in use

  3. Price, value in exchange

  4. Price, value
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Power of commodity which can command to exchange itself with the other good is called the Value of product. It refers to the importance of a commodity due to its usefulness. Usually a product is valued by the money. Capacity of a commodity to command or obtain other goods in exchange is called value of exchange.

Multiple choice social science prices and cost of living value and price utility, value and price price rise/inflation

___________ refers to the amount of money which must be exchanged for a unit of a commodity.

  1. Value

  2. Utility

  3. Price

  4. Goods
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Power of commodity which can command to exchange itself with the other good is called the Value of product. Usually a product is valued by the money. And this money with which a product is valued is called its price.

Multiple choice social science prices and cost of living value and price utility, value and price price rise/inflation

Which of the following can be used as collateral in Indian banks to borrow money?

  1. Bank passbook

  2. Credit card

  3. Own House

  4. Passport
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Collateral is an asset that a borrower offers to a lender to secure a loan. An own house is a tangible, high-value asset that banks accept as security, whereas documents like passports or passbooks have no intrinsic financial value as collateral.

Multiple choice social science prices and cost of living value and price utility, value and price price rise/inflation

Demand price is identical with __________.

  1. AR

  2. MR

  3. TR

  4. MC
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Average revenue refers to the revenue per unit of output sold. It is obtained by dividing the total revenue by the number of units. AR is equal to per unit sale receipts and price is always per unit. Since sellers receive revenue according to the price, price and AR are one and the same thing.

TR= Quantity * Price

AR= TR/ Quantity

AR= (Quantity * price)/ quantity

AR= Price

Multiple choice social science prices and cost of living value and price utility, value and price price rise/inflation

When price discrimination extends to two or more countries it is called __________.

  1. dumping

  2. differentiation

  3. dual pricing

  4. price preference
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Dumping is, in general, a situation of international price discrimination where the price of a product which is sold to the importing country is less than the price of the same product when sold in the market of the exporting country. It is generally perceived that dumping would result in unfair trade.

Multiple choice social science prices and cost of living value and price utility, value and price price rise/inflation

Long run determinant of price, is equal to ______.

  1. marginal utility

  2. market forces

  3. cost of production

  4. brand value
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

It is believed in long run production function,total revenue is equal to total cost . There is no extra normal profit or abnormal loss.Thus , in long run price of the product is equal to the cost of production.

Multiple choice social science prices and cost of living value and price utility, value and price price rise/inflation

The Fair and Remunerative Price (FRP) of sugarcane is approved by the _________________.

  1. Cabinet Committee on Economic Affairs

  2. Commission for Agricultural Costs and Prices

  3. Directorate of Marketing and Inspection, Ministry of Agriculture

  4. Agricultural Produce Marketing Committee
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The FRP is the least amount price that sugar mills have to pay to sugarcane farmers. It is strong-minded on the basis of the recommendation of Commission for undeveloped Costs and Prices (CACP) and after discussion with State Governments and other stakeholders. 

The Cabinet Committee on Economic Affairs (CCEA) chair by Prime Minister Narendra Modi has standard the suggestion in respect of strength of mind of 'Fair and Remunerative Price' of sugarcane payable by sugar mills for 2019-20 sugar season. 

Thus, the correct option is A.

Multiple choice social science prices and cost of living value and price utility, value and price price rise/inflation

The basis of determining dearness allowance to employee in India is ______.

  1. national income

  2. consumer price index

  3. standard of living

  4. per capita income
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

A consumer price index (CPI) measures changes in the price level of market basket of consumer goods and services purchased by households. The CPI is a statistical estimate constructed using the prices of a sample of representative items whose prices are collected periodically.