Question # 1

Human wants are:

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Limited

Unlimited

Re-appear

Both (b) and (c)

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

Other name of law of equi marginal utility is

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Law of diminishing marginal utility

Law of demand

Law of constant return

Law of indifference

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

When marginal utility is positive, total utility

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Goes on decreasing

Goes on increasing

Does not change

Is zero

When total utility is decreasing, marginal utility is

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Zero

Positive

Negative

Maximum

Law of diminishing marginal utility provides basis for:

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Law of demand

Law of equi marginal utility

Law of supply

Both (a) and (b)

Cardinal utility approach was presented by:

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Adam smith

Keynes

Robbins

Marshall

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

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

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Positive utility

Negative utility

Zero utility

Marginal utility

When marginal utility is negative, total utility:

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Decreases

Increases

Does not change

Negative

The decreasing part of TU curve shows:

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MU is zero

MU is negative

MU is increasing

MU is decreasing

Capital goods are those which can satisfy human wants:

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Directly

Indirectly

Proportionate

None of these

Utility of the last unit of a commodity consumed is called

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Positive utility

Negative utility

Total utility

Marginal utility

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

Historical articles

Normal goods of need

Narcotics

More Classes

Other Links

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

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