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Economics Ics Part 1 English Medium Online Test
| Sr. # | Questions | Answers Choice |
|---|---|---|
| 1 | When the demand of a product rises due to factors except price it will be. | Extension of demands Rise of demand Contraction of demand Extension of demand |
| 2 | The demand curve slopes downward from left to right because of: | Income effect Substitution effect Entry of new buyers All of the above |
| 3 | Wit rapid economic growth in a country the individual demand curve will: | Rise Fall Extend Contract |
| 4 | The law demand will not be valid in case of. | Very high price products Normal goods Price effect Income effects |
| 5 | The demand of a good falls when. | Its price falls Price of the substitute changes its price rises It price remain constant |
| 6 | The demand of a will expand when: | Other things do not remain constant. Price of the products changes. Value of money falls. None of the three |
| 7 | One of the following will not be an assumption of the law of diminishing marginal utility. | Nature of the product should not changed Mental condition of the consumer Income of the consumer should not changed None of the three |
| 8 | The talent of a professor is . | National wealth International wealth Personal wealth Non of them |
| 9 | A bridge will be a | Private good Capital goods Consumer good Personal good |
| 10 | When marginal utility of a product is zero its total utility will be. |
Increase Decreasing Maximum Constant |
| 11 | Who introduced indifference curves to explain consumer's beghavior | J.R Hicks Marshall Robbins Adam Smith |
| 12 | A contour line which slopes downward from left to right and yield equal level of satisfaction to consumer with the given income is. | Negatively slop curve An indifference curve Positively sloped Curve None of the above |
| 13 | One of the following is not an exception to the law of diminishing marginal utility . | Money Knowledge Music Non of them |
| 14 | The utility of an additional unit of a product is | Law of demand Law of substitution Law of supply Law of diminishing marginal utility |
| 15 | Law of equi marginal utility provides basis for. | Equal distribution of wealth Economy in taxation Law of diminishing returns Law of constant returns |
| 16 | Initial utility of a product is : | Highest Lowest Conatant None of them |
| 17 | Law of diminishing marginal utility provides basis for: | Law of demand Law of supply Laws of returns Law of variable proportions |
| 18 | Marginal utility of a product is the utility obtained by consuming. | First unit of consummption Each additional unit of consumption Last unit of consumption None of the them |
| 19 | The maintain social status in life, a person requires. | Bare necessities of life Comforts of life Luxuries of life All of them |
| 20 | The first law of consumption was presented by. | Robert Malthus Loinel Robbins Alfred Marshall Pareto |
