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This online test contains MCQs about following topics:
Utility ,Relationshipsof marginal and Total utility ,Scarcity ,Value and Price ,Income ,Goods and Sevice ,Wealth ,Law of Diminshing Utility ,Law of Equi Marginal Utility ,Formula for Consumers Equilibrium
MCQ's Test For Chapter 2 "Economics Ics Part 1 English Medium Chapter 2 Online Test"
Try The MCQ's Test For Chapter 2 "Economics Ics Part 1 English Medium Chapter 2 Online Test"
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Total Questions20
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Time Allowed30
Economics Ics Part 1 English Medium Chapter 2 Online Test
00:00
Question # 1
When MU is positive, TU
Question # 2
The value of a product depends upon.
Question # 3
Human wants are
Question # 4
Goods which can satisfy human wants are.
Question # 5
Food, Shelter and clothing are:
Question # 6
Diminishing marginal utility is the basis of
Question # 7
Law of Equi marginal utlility is a low of
Question # 8
MU curve
Question # 9
The quality of commodity that satisfies some human want or need is called
Question # 10
The utility of durable consumer goods.
Question # 11
A product which has value price in the market has.
Question # 12
Rotten eggs are
Question # 13
Only those goods are priced in the market which have:
Question # 14
A consumer's spending is restricted because of
Question # 15
When MU=0, TU is
Question # 16
In economics, one or more persons sharing common consumer budget is called
Question # 17
The good which are used to produce more goods are.``
Question # 18
Utility of a product depends upon
Question # 19
General price level and real income of the people are correlated with each other
Question # 20
The price of an non-economic good is:
ICS Part 1 Economics Chapter 2 MCQs Test
Top Scorers Of Chapter 2 "Economics Ics Part 1 English Medium Chapter 2 Online Test" MCQ`s Test
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A Abdullah Safdar 23 - Jun - 2026 02 Min 21 Sec 14/20
ICS Part 1 Economics Chapter 2 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | MU curve |
A. rises left to right
B. is always vertical
C. falls left to right
D. is always horizontal
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| 2 | One of the following will not be the income of a person. |
A. Wages
B. Profit
C. Sccholarship
D. Salary
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| 3 | When MU is positive, TU |
A. increases
B. decreases
C. remains constant
D. is maximum
|
| 4 | the term marginal in economics means |
A. unimportant
B. additional
C. the minimum unit
D. just barely passing
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| 5 | Economic wants. |
A. Can unlimited
B. Capital goods
C. Social goods
D. Public goods
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| 6 | A consumer's spending is restricted because of |
A. marginal utility
B. budget constraint
C. demand curve
D. unlimited wants
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| 7 | If a consumer moves upward along an indifference curve, his total utility |
A. falls to zero
B. does not change
C. increases
D. decreases
|
| 8 | Law of substitution is another name for |
A. law of diminishing MU
B. law of equi-MU
C. law of demand
D. law of satisfaction
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| 9 | Utility of a product depends upon |
A. Knowledge
B. Ownership
C. Form
D. All of them
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| 10 | When MU=0, TU is |
A. minimum
B. maximum
C. increasing
D. decreasing
|
Test Questions