Economics Ics Part 1 English Medium Online Test With Answers

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Economics Ics Part 1 English Medium Online Test

Sr. # Questions Answers Choice
1 Equilibrium of consumer is explained by negative utility positive utility marginal utility profit
2 MU curve rises left to right is always vertical falls left to right is always horizontal
3 Indifference curves are convex to the origin because two goods are perfect substitutes two goods are imperfect substitutes two goods are perfect complementary goods goods area jointly demanded
4 The quality of commodity that satisfies some human want or need is called service demand utility efficiency
5 When MU=0, TU is minimum maximum increasing decreasing
6 Diminishing marginal utility is the basis of law of supply law of demand laws of returns none of the above
7 When MU is positive, TU increases decreases remains constant is maximum
8 Utility and usefulness are equal different opposite unrelated
9 Law of Equi marginal utlility is a low of production of wealth consumption of wealth distribution of wealth exchange of wealth
10 Law of substitution is another name for law of diminishing MU law of equi-MU law of demand law of satisfaction
11 A consumer's spending is restricted because of marginal utility budget constraint demand curve unlimited wants
12 Utility is most closely related to the term useful useless necessary satisfaction
13 the term marginal in economics means unimportant additional the minimum unit just barely passing
14 When marginal is negative, it must be true that the average is negative the average is decreasing the total is negative the total is decreasing
15 In economics, one or more persons sharing common consumer budget is called social group consumer union organisation household
16 A consumer in equilibrium when marginal utilities are minimum highest equal increasing
17 Human wants are one thousand few innumerable countable
18 Rotten eggs are free good economic good service wealth
19 Robbins in his definition talks of scarcity of resources preached moral values supports Adam smith view none of the above
20 Economics theory means economic policy economic principles descriptive economics economics facts
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