Economics Ics Part 1 English Medium Online Test With Answers

image
image
image

Economics Ics Part 1 English Medium Online Test

Sr. # Questions Answers Choice
1 Law of equimarginal utility is also called. Law of substitution Law of maximum social benefits Law of economy Law of maximum satisfaction
2 According to law of equi-marginal utility a consumer will maximises his total utility when He spends all his income on the product only He spends more on one and less on the other Marginal utility of the two goods are equalised Not only the marginals utility of the two goods are equalised, but also the marginal utility of each good is equal to its price.
3 Total utility is maximised when. Marginal utility is zero Marginal utility falls Marginal utility rises Non of the above
4 According to law of diminishing marginal utilities , a consumer maximises his total utility where. MU<sub>a</sub> = MP<sub>a</sub> MU<sub>a</sub> = AU<sub>a</sub> MU<sub>a</sub> = TC<sub>a</sub> MU<sub>a</sub> = P<sub>a</sub>
5 General price level and real income of the people are correlated with each other Negatively Positovely Normally Sub normally
6 One of the following will not be the income of a person. Wages Profit Sccholarship Salary
7 A product which has value price in the market has. Utility Scarcity Transferability All the three
8 The number of goods and services which one unit of a product can command in exchange for it is its. Value of money Value in exchange Price Utility
9 Utility of a product depends upon Knowledge Ownership Form All of them
10 Power of a product which can satisfy human want is. Utility Total utility Average utility Marginal utility
11 The good which are used to produce more goods are.`` Social goods Capital goods Consumer goods Public goods
12 Goods which can satisfy human wants are. Consumer goods Capital goods Social goods Public goods
13 Economic wants. Can unlimited Capital goods Social goods Public goods
14 The price of an non-economic good is: Very low Very high Zero Negative
15 The value of a product depends upon. The number of dollars The numbers of dollars which can be given in exchange for it The current exchange rate. None of them
16 The utility of durable consumer goods. Diminishes with the passage of time Perishes, if not used Can be obtained constantly None of the three
17 Shopkeepers are also producers because in goods, they produce. Form utility Time utility Use utility Place utility
18 Only those goods are priced in the market which have: Utility Sacrcity Transferability All of the above
19 The goods used to produce income or wealth are., Consumer goods Manufactured goods Merit goods Capital goods
20 Food, Shelter and clothing are: Necessities Comfort Luxuries. None of three
Download This Set
×