Question # 1

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

Guides finance minister for levying tax on the income of the people

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Law of demand

Law of equi marginal utility

Law of diminishing marginal utility

Law of supply

Initial utility of a product is:

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Highest

Lowest

Constant

All of these

TU is maximum where MU of all goods is:

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Minimum

Maximum

Negative

Equal

The concept of utility is:

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Subjective

Moral

Objective

Neutral

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

Total utility is maximum when marginal utility is

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Positive

Negative

Zero

Minimum

After achieving point of Satiation the total utility starts

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Rising

Declining

Remains constant

None of these

When total utility is decreasing, marginal utility is

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Zero

Positive

Negative

Maximum

Objective of a rational consumer is

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To save maximum amount from his limited income

To buy goods at minimum price

Best choice from existing economic goods

To attain maximum utility from the spent amount

When marginal utility is positive, total utility

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Goes on decreasing

Goes on increasing

Does not change

Is zero

Which economist did present, cardinal theory of utility

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Marshall

Karoos

Cannon

J.B. Say

Which of the following stated that utility is measurable

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Marshall

Adam Smith

Robbins

Keynes

Which economist stated that utility is not measurable

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Adam Smith

Marshall

Cannon

Hicks

When marginal utility is zero, than total utility is:

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Minimum

Positive

Maximum

Zero

Want of a commodity is satisfied, when its marginal utility is

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Positive

Zero

Negative

Minimum

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

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