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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
General price level and real income of the people are correlated with each other
Question # 2
Equilibrium of consumer is explained by
Question # 3
MU curve
Question # 4
Shopkeepers are also producers because in goods, they produce.
Question # 5
Law of Equi marginal utlility is a low of
Question # 6
Utility and usefulness are
Question # 7
The utility of durable consumer goods.
Question # 8
Law of substitution is another name for
Question # 9
Indifference curves are convex to the origin because
Question # 10
Utility of a product depends upon
Question # 11
If a person consumes goods X and Y maximises total utility, then MU per rupee from the two goods must be
Question # 12
A product which has value price in the market has.
Question # 13
The good which are used to produce more goods are.``
Question # 14
When MU=0, TU is
Question # 15
When marginal is negative, it must be true that
Question # 16
Human wants are
Question # 17
Economic wants.
Question # 18
The price of an non-economic good is:
Question # 19
Diminishing marginal utility is the basis of
Question # 20
Rotten eggs are
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 | Shopkeepers are also producers because in goods, they produce. |
A. Form utility
B. Time utility
C. Use utility
D. Place utility
|
| 2 | 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
|
| 3 | Human wants are |
A. one thousand
B. few
C. innumerable
D. countable
|
| 4 | Equilibrium of consumer is explained by |
A. negative utility
B. positive utility
C. marginal utility
D. profit
|
| 5 | Utility of a product depends upon |
A. Knowledge
B. Ownership
C. Form
D. All of them
|
| 6 | Rotten eggs are |
A. free good
B. economic good
C. service
D. wealth
|
| 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 | the term marginal in economics means |
A. unimportant
B. additional
C. the minimum unit
D. just barely passing
|
| 9 | The quality of commodity that satisfies some human want or need is called |
A. service
B. demand
C. utility
D. efficiency
|
| 10 | Food, Shelter and clothing are: |
A. Necessities
B. Comfort
C. Luxuries.
D. None of three
|
Test Questions