Question # 1

When marginal utility is negative, then total utility

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Decreases

Increases

Does not change

Becomes negative

The term marginal in economics means:

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An additional unit

Change in unit

Last unit

All of them

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

One of the following is not assumption of law of diminishing marginal utility

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Same nature of the commodity

Consumption of the commodity with intervals

Suitable quantity of the commodity

No change in consumers mental condition

The concept of utility is:

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Subjective

Moral

Objective

Neutral

Consumer goods are those goods which the consumers consume

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Directly

Indirectly

Sometimes

Never

One of the following is non economic want:

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Car

Bike

Fan

Self respect

Law of equi-marginal utility is also known as:

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Total utility maximizing law

Law of substitution

Law of indifference

All of them

Which of the following stated that utility is measurable

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Marshall

Adam Smith

Robbins

Keynes

Initial utility is ______ individual utilities of all the units

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More than

Less than

Equal to

None of these

Utility can not be measurable who has said

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Marshall

Hicks

Pigue

Adam Smith

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

When total utility is increasing marginal utility is

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Zero

Positive

Negative

Maximum

The name of first law of consumption is

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Law of demand

Law of diminishing marginal utility

Law of equi marginal utility

Law of supply

When marginal utility is positive, total utility

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Goes on decreasing

Goes on increasing

Does not change

Is zero

Slope of marginal utility curve is

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Positive

Negative

Vertical

Horizontal

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

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