Question # 1

When marginal utility is zero, than total utility is:

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Minimum

Positive

Maximum

Zero

Cardinal utility approach was presented by:

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Adam smith

Keynes

Robbins

Marshall

When marginal utility is zero, then total utility is

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Minimum

Positive

Maximum

Zero

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

When marginal utility is negative, total utility:

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Decreases

Increases

Does not change

Negative

The term marginal in economics means:

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An additional unit

Change in unit

Last unit

All of them

When total utility is increasing marginal utility is

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Zero

Positive

Negative

Maximum

Concept of law of diminishing marginal utility was presented by professor

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Marshall

Robbins

Keynes

Pigou

Who said that utility cannot be measured

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Adam smith

Marshall

Keynes

Hicks

The concept of utility is:

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Subjective

Moral

Objective

Neutral

After achieving point of Satiation the total utility starts

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Rising

Declining

Remains constant

None of these

Initial utility is ______ individual utilities of all the units

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More than

Less than

Equal to

None of these

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

Marginal utility at the point of satiety is

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Zero

Positive

Negative

Initial

The price of non-economic want is always:

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Very high

Very Low

Negative

Zero

According to law of diminishing marginal utility, marginal utility of a commodity

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Increases

Decreases

Remains constant

Become negative

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

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