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

The price of an non-economic good is:

Question # 2

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

Question # 3

The value of a product depends upon.

Question # 4

Diminishing marginal utility is the basis of

Question # 5

Utility and usefulness are

Question # 6

A product which has value price in the market has.

Question # 7

A consumer's spending is restricted because of

Question # 8

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

Question # 9

Utility of a product depends upon

Question # 10

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

Question # 11

One of the following will not be the income of a person.

Question # 12

A consumer in equilibrium when marginal utilities are

Question # 13

Goods which can satisfy human wants are.

Question # 14

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

Question # 15

Utility is most closely related to the term

Question # 16

Food, Shelter and clothing are:

Question # 17

the term marginal in economics means

Question # 18

Equilibrium of consumer is explained by

Question # 19

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

Question # 20

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

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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 Economic wants.
A. Can unlimited
B. Capital goods
C. Social goods
D. Public goods
2 When MU=0, TU is
A. minimum
B. maximum
C. increasing
D. decreasing
3 Utility and usefulness are
A. equal
B. different
C. opposite
D. unrelated
4 Human wants are
A. one thousand
B. few
C. innumerable
D. countable
5 General price level and real income of the people are correlated with each other
A. Negatively
B. Positovely
C. Normally
D. Sub normally
6 One of the following will not be the income of a person.
A. Wages
B. Profit
C. Sccholarship
D. Salary
7 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
8 Diminishing marginal utility is the basis of
A. law of supply
B. law of demand
C. laws of returns
D. none of the above
9 Utility of a product depends upon
A. Knowledge
B. Ownership
C. Form
D. All of them
10 A product which has value price in the market has.
A. Utility
B. Scarcity
C. Transferability
D. All the three

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