Question : Statement 1: The concept of consumer surplus measures the difference between the consumer's total expenditure and the maximum amount they are willing to pay.
Statement 2: Consumer surplus can be represented graphically as the area below the demand curve and above the market price.
Option 1: Statement 1 is true, and statement 2 is false.
Option 2: Statement 1 is false, and statement 2 is true.
Option 3: Both statement 1 and statement 2 are true.
Option 4: Both statement 1 and statement 2 are false.
Correct Answer: Both statement 1 and statement 2 are true.
Solution : The correct option is (c) Option C: Both statement 1 and statement 2 are true.
Statement 1 is true. Consumer surplus represents the additional benefit or satisfaction that consumers receive from purchasing a good at a price lower than their maximum willingness to pay. It is calculated as the difference between the total amount the consumer is willing to pay and the actual amount they pay.
Statement 2 is also true. Graphically, consumer surplus is represented by the area below the demand curve and above the market price. It captures the difference between the price consumers are willing to pay (as indicated by their demand curve) and the price they actually pay in the market.
Question : Statement 1: Trade test is conducted to determine a person's area of interest and the kind of jobs that will satisfy him. Statement 2: Personality test are conducted to measure the personal characteristics.
Option 1: Both are true
Option 2: Both are false
Option 3: Statement 1 is true and statement 2 is false.
Option 4: Statement 1 is false and statement 2 is true.
Question : Which of the following statement is correct?
Option 4: Statement 2 is true and statement 1 is false.
Question : Statement 1: Worksheet is the area Statement 2: In this area, data is stored and work is performed.
Option 1: Both statements are correct
Option 2: Both statements are incorrect
Option 3: Statement 1 is correct and statement 2 is incorrect
Option 4: Statement 1 is incorrect and statement 2 is correct
Question : Which feature of marketing is highlighted in the given statement? Statement: It is often referred as the essence of marketing as goods produced at different places are distributed over a wide geographical area.
Option 1: Need and want
Option 2: Customer value
Option 3: Creating a market offering
Option 4: Exchange mechanism
Question : Priorities of the government in the fiscal area and its related policies and deviations are mentioned in which part of the budget document?
Option 1: Fiscal Policy Strategy Statement
Option 2: Appropriation Bill
Option 3: Macroeconomic Framework Statement
Option 4: Medium-term Fiscal Policy Statement
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