Question # 1

Utility of a commodity is zero, when

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Want is satisfied upto a certain extent

Want is fully satisfied

Utility is positive

Want is not satisfied

In mathematics, symbol for utility is used

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U

M

X

Y

When marginal utility is positive, total utility

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Goes on decreasing

Goes on increasing

Does not change

Is zero

When no satisfaction is attained by the consumption of a commodity, its marginal utility is

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Zero

Positive

Negative

Minimum

Which economist stated that utility is not measurable

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Adam Smith

Marshall

Cannon

Hicks

When marginal utility is positive, total utility:

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Decreases

Increases

Zero

All of them

Consumer's equilibrium takes place at that point where:

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MU is negative

MU is positve

TU is maximum

MU is maximum

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

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Money and wealth

Historical articles

Normal goods of need

Narcotics

Initial utility of a product is:

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Highest

Lowest

Constant

All of these

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

Marginal utility always:

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Decreases

Increases

Zero

Negative

One of the following is non economic want:

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Car

Bike

Fan

Self respect

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

Utility attained by consuming an additional or last unit of a commodity

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Positive utility

Negative utility

Zero utility

Marginal utility

Economist who presented the first law of consumption

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Marshall

Adam smith

Robbins

Pigou

First law of consumption is known as:

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Law of supply

Law of demand

Law of diminishing marginal utility

Law of equi marginal utility

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

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