Question # 1

The price of non-economic want is always:

Choose an answer

Very high

Very Low

Negative

Zero

When marginal utility is negative, then total utility

Choose an answer

Decreases

Increases

Does not change

Becomes negative

Curve of law of diminishing marginal utility

Choose an answer

Moves from left to right downward

Moves from left to right upward

Firstly it has a tendency to rise up and after a certain limit it starts falling

It is parallel to ox-axis

Marginal utility curve moves

Choose an answer

From left to right downward

From left to right upward

Parallel to ox axis

Parallel to oy axis

The concept of utility is:

Choose an answer

Subjective

Moral

Objective

Neutral

According to which economist, utility is measureable

Choose an answer

Marshall

Adam smith

Robbins

Keynes

Other name of law of equi marginal utility is

Choose an answer

Law of diminishing marginal utility

Law of demand

Law of constant return

Law of indifference

On which of the following law of diminishing marginal utility is applicable

Choose an answer

Money and wealth

Diamonds and jewels

Goods of fashion

Necessities of life

First law of consumption is known as:

Choose an answer

Law of supply

Law of demand

Law of diminishing marginal utility

Law of equi marginal utility

Cardinal utility approach was presented by:

Choose an answer

Adam smith

Keynes

Robbins

Marshall

According to law of diminishing marginal utility, Utility of every new (Additional) unit of commodity

Choose an answer

Increases

Decreases

Remains constant

None of these

When total utility is increasing marginal utility is

Choose an answer

Zero

Positive

Negative

Maximum

In mathematics, symbol for utility is used

Choose an answer

U

M

X

Y

Which law is applied when marginal utilities of all the purchased goods become equal to each other

Choose an answer

Law of diminishing marginal utility

Law of equi marginal utility

Law of demand

Law of increasing return

When total utility is decreasing, marginal utility is

Choose an answer

Zero

Positive

Negative

Maximum

More Classes

Other Links

Principles of Economics Icom Part 1 English Medium Chapter 2 Online Test MCQs With Answers

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer