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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
Diminishing marginal utility is the basis of
Question # 2
Human wants are
Question # 3
Utility of a product depends upon
Question # 4
Equilibrium of consumer is explained by
Question # 5
MU curve
Question # 6
Law of substitution is another name for
Question # 7
A consumer in equilibrium when marginal utilities are
Question # 8
Goods which can satisfy human wants are.
Question # 9
Power of a product which can satisfy human want is.
Question # 10
the term marginal in economics means
Question # 11
Indifference curves are convex to the origin because
Question # 12
Utility is most closely related to the term
Question # 13
The number of goods and services which one unit of a product can command in exchange for it is its.
Question # 14
The good which are used to produce more goods are.``
Question # 15
General price level and real income of the people are correlated with each other
Question # 16
The goods used to produce income or wealth are.,
Question # 17
Utility and usefulness are
Question # 18
The price of an non-economic good is:
Question # 19
The value of a product depends upon.
Question # 20
Only those goods are priced in the market which have:
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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Z Zafar Ali 22 - May - 2024 02 Min 02 Sec 20/20 -
B Bano Begum 09 - May - 2024 03 Min 34 Sec 20/20 -
H hafsa Mumtaz 10 - May - 2024 05 Min 04 Sec 20/20 -
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M M.Attiq-U-Rehman 24 - Nov - 2023 02 Min 50 Sec 17/20 -
A Ali Jutt 31 - May - 2024 05 Min 27 Sec 17/20 -
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Q Qazi Mohid 09 - Jun - 2026 03 Min 51 Sec 16/20 -
Z Zaina Ch 10 - May - 2024 02 Min 22 Sec 15/20 -
T Taimoor Kayani 08 - May - 2024 03 Min 22 Sec 15/20 -
A Ashraf Ali 28 - Jul - 2024 10 Min 18 Sec 15/20 -
S Saad Sadiq 03 - May - 2024 02 Min 06 Sec 14/20 -
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 | Goods which can satisfy human wants are. |
A. Consumer goods
B. Capital goods
C. Social goods
D. Public goods
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| 3 | Only those goods are priced in the market which have: |
A. Utility
B. Sacrcity
C. Transferability
D. All of the above
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| 4 | If a person consumes goods X and Y maximises total utility, then MU per rupee from the two goods must be |
A. equal
B. unequal
C. increasing
D. decreasing
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| 5 | Diminishing marginal utility is the basis of |
A. law of supply
B. law of demand
C. laws of returns
D. none of the above
|
| 6 | The quality of commodity that satisfies some human want or need is called |
A. service
B. demand
C. utility
D. efficiency
|
| 7 | the term marginal in economics means |
A. unimportant
B. additional
C. the minimum unit
D. just barely passing
|
| 8 | Utility is most closely related to the term |
A. useful
B. useless
C. necessary
D. satisfaction
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| 9 | Rotten eggs are |
A. free good
B. economic good
C. service
D. wealth
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| 10 | One of the following will not be the income of a person. |
A. Wages
B. Profit
C. Sccholarship
D. Salary
|
Test Questions