Question # 1

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

In mathematics, symbol for utility is used

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U

M

X

Y

Feature of a commodity to satisfy human want, is called

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Value

Usefulness

Utility

Wealth

TU is maximum where MU of all goods is:

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Minimum

Maximum

Negative

Equal

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

Which economist stated that utility is not measurable

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Adam Smith

Marshall

Cannon

Hicks

One of the following is non economic want:

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Car

Bike

Fan

Self respect

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

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Zero

Positive

Negative

Minimum

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

Which economist did present, cardinal theory of utility

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Marshall

Karoos

Cannon

J.B. Say

Initial utility is ______ individual utilities of all the units

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More than

Less than

Equal to

None of these

When marginal utility is positive, total utility:

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Decreases

Increases

Zero

All of them

First and basic law of consumption is

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Law of demand

Law of decreasing return

Law of supply

Law of diminishing marginal utility

Concept of law of diminishing marginal utility was presented by professor

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Marshall

Robbins

Keynes

Pigou

Utility attained by all the units of a commodity consumed

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Positive utility

Negative utility

Total utility

Marginal utility

Which law provides the base of law of demand

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Law of supply

Law of diminishing marginal utility

Law of equi marginal utility

Law of decreasing return

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

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