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"

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  • Total Questions20

  • Time Allowed30

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Economics Ics Part 1 English Medium Chapter 2 Online Test

00:00
Question # 1

Utility of a product depends upon

Question # 2

Law of substitution is another name for

Question # 3

General price level and real income of the people are correlated with each other

Question # 4

Diminishing marginal utility is the basis of

Question # 5

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

Question # 6

Power of a product which can satisfy human want is.

Question # 7

Shopkeepers are also producers because in goods, they produce.

Question # 8

The utility of durable consumer goods.

Question # 9

If a person consumes goods X and Y maximises total utility, then MU per rupee from the two goods must be

Question # 10

Economic wants.

Question # 11

Food, Shelter and clothing are:

Question # 12

Indifference curves are convex to the origin because

Question # 13

Only those goods are priced in the market which have:

Question # 14

The goods used to produce income or wealth are.,

Question # 15

A consumer in equilibrium when marginal utilities are

Question # 16

.Which one is not an economic want.

Question # 17

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

Question # 18

When MU is positive, TU

Question # 19

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

Question # 20

The value of a product depends upon.

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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 When marginal is negative, it must be true that
A. the average is negative
B. the average is decreasing
C. the total is negative
D. the total is decreasing
2 Only those goods are priced in the market which have:
A. Utility
B. Sacrcity
C. Transferability
D. All of the above
3 Food, Shelter and clothing are:
A. Necessities
B. Comfort
C. Luxuries.
D. None of three
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
5 Human wants are
A. one thousand
B. few
C. innumerable
D. countable
6 The price of an non-economic good is:
A. Very low
B. Very high
C. Zero
D. Negative
7 The good which are used to produce more goods are.``
A. Social goods
B. Capital goods
C. Consumer goods
D. Public goods
8 Goods which can satisfy human wants are.
A. Consumer goods
B. Capital goods
C. Social goods
D. Public goods
9 When MU is positive, TU
A. increases
B. decreases
C. remains constant
D. is maximum
10 The value of a product depends upon.
A. The number of dollars
B. The numbers of dollars which can be given in exchange for it
C. The current exchange rate.
D. None of them

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