Question # 1

Initial utility of a product is:

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Highest

Lowest

Constant

All of these

In mathematics, symbol for utility is used

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U

M

X

Y

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

Consumer goods are those goods which the consumers consume

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Directly

Indirectly

Sometimes

Never

Utility can not be measurable who has said

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Marshall

Hicks

Pigue

Adam Smith

The power of a good or service to satisfy a human want is called:

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Value

Price

Utility

All of them

One of the following is non economic want:

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Car

Bike

Fan

Self respect

Utility attained by all the units of a commodity consumed

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Positive utility

Negative utility

Total utility

Marginal utility

When marginal utility is positive, total utility

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Goes on decreasing

Goes on increasing

Does not change

Is zero

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

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