First Year Economics Chapter 2 Online MCQ Test for 1st Year Economics Chapter 2 (Consumer Behaviour)

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

ICS Part 1 Economics Chapter 2 Test

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ICS Part 1 Economics Chapter Wise Test

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"

  • Total Questions20

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Economics Ics Part 1 English Medium Chapter 2 Online Test

00:00
Question # 1

A product which has value price in the market has.

Question # 2

Food, Shelter and clothing are:

Question # 3

The goods used to produce income or wealth are.,

Question # 4

Economic wants.

Question # 5

Utility of a product depends upon

Question # 6

A consumer's spending is restricted because of

Question # 7

When MU=0, TU is

Question # 8

When MU is positive, TU

Question # 9

Only those goods are priced in the market which have:

Question # 10

Shopkeepers are also producers because in goods, they produce.

Question # 11

Diminishing marginal utility is the basis of

Question # 12

The number of goods and services which one unit of a product can command in exchange for it is its.

Question # 13

The value of a product depends upon.

Question # 14

Power of a product which can satisfy human want is.

Question # 15

The good which are used to produce more goods are.``

Question # 16

Indifference curves are convex to the origin because

Question # 17

The quality of commodity that satisfies some human want or need is called

Question # 18

If a consumer moves upward along an indifference curve, his total utility

Question # 19

In economics, one or more persons sharing common consumer budget is called

Question # 20

Equilibrium of consumer is explained by

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ICS Part 1 Economics Chapter 2 MCQs Test

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ICS Part 1 Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Rotten eggs are
A. free good
B. economic good
C. service
D. wealth
2 Economic wants.
A. Can unlimited
B. Capital goods
C. Social goods
D. Public goods
3 Law of Equi marginal utlility is a low of
A. production of wealth
B. consumption of wealth
C. distribution of wealth
D. exchange of wealth
4 Utility and usefulness are
A. equal
B. different
C. opposite
D. unrelated
5 Only those goods are priced in the market which have:
A. Utility
B. Sacrcity
C. Transferability
D. All of the above
6 the term marginal in economics means
A. unimportant
B. additional
C. the minimum unit
D. just barely passing
7 MU curve
A. rises left to right
B. is always vertical
C. falls left to right
D. is always horizontal
8 Equilibrium of consumer is explained by
A. negative utility
B. positive utility
C. marginal utility
D. profit
9 The number of goods and services which one unit of a product can command in exchange for it is its.
A. Value of money
B. Value in exchange
C. Price
D. Utility
10 The price of an non-economic good is:
A. Very low
B. Very high
C. Zero
D. Negative

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