Question # 1

Concept of law of diminishing marginal utility was presented by professor

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Marshall

Robbins

Keynes

Pigou

When marginal utility is negative, then total utility

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Decreases

Increases

Does not change

Becomes negative

To determine consumer's equilibrium, professor Marshall got help from the law

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Law of diminishing marginal utility

Law of equi marginal utility

Law of demand

Law of constant return

Curve of law of diminishing marginal utility

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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

Utility of the last unit of a commodity consumed is called

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Positive utility

Negative utility

Total utility

Marginal utility

When marginal utility is zero, than total utility is:

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Minimum

Positive

Maximum

Zero

Marginal utility always:

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Decreases

Increases

Zero

Negative

Marginal utility curve moves

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From left to right downward

From left to right upward

Parallel to ox axis

Parallel to oy axis

Marginal utility at the point of satiety is

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Zero

Positive

Negative

Initial

Utility can not be measurable who has said

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Marshall

Hicks

Pigue

Adam Smith

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

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Money and wealth

Diamonds and jewels

Goods of fashion

Necessities of life

When marginal utility is zero, then total utility is

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Minimum

Positive

Maximum

Zero

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

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Law of diminishing marginal utility

Law of equi marginal utility

Law of demand

Law of increasing return

When marginal utility is negative, total utility:

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Decreases

Increases

Does not change

Negative

One of the following is non economic want:

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Car

Bike

Fan

Self respect

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

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