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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
The utility of durable consumer goods.
Question # 2
Utility is most closely related to the term
Question # 3
When marginal is negative, it must be true that
Question # 4
One of the following will not be the income of a person.
Question # 5
Utility and usefulness are
Question # 6
Law of substitution is another name for
Question # 7
A consumer in equilibrium when marginal utilities are
Question # 8
When MU=0, TU is
Question # 9
Goods which can satisfy human wants are.
Question # 10
MU curve
Question # 11
The goods used to produce income or wealth are.,
Question # 12
The good which are used to produce more goods are.``
Question # 13
The price of an non-economic good is:
Question # 14
Human wants are
Question # 15
Equilibrium of consumer is explained by
Question # 16
Utility of a product depends upon
Question # 17
The number of goods and services which one unit of a product can command in exchange for it is its.
Question # 18
If a consumer moves upward along an indifference curve, his total utility
Question # 19
When MU is positive, TU
Question # 20
A consumer's spending is restricted because of
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 | A consumer's spending is restricted because of |
A. marginal utility
B. budget constraint
C. demand curve
D. unlimited wants
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| 2 | Indifference curves are convex to the origin because |
A. two goods are perfect substitutes
B. two goods are imperfect substitutes
C. two goods are perfect complementary goods
D. goods area jointly demanded
|
| 3 | In economics, one or more persons sharing common consumer budget is called |
A. social group
B. consumer union
C. organisation
D. household
|
| 4 | Utility of a product depends upon |
A. Knowledge
B. Ownership
C. Form
D. All of them
|
| 5 | Goods which can satisfy human wants are. |
A. Consumer goods
B. Capital goods
C. Social goods
D. Public goods
|
| 6 | 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
|
| 7 | 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
|
| 8 | The utility of durable consumer goods. |
A. Diminishes with the passage of time
B. Perishes, if not used
C. Can be obtained constantly
D. None of the three
|
| 9 | MU curve |
A. rises left to right
B. is always vertical
C. falls left to right
D. is always horizontal
|
| 10 | Shopkeepers are also producers because in goods, they produce. |
A. Form utility
B. Time utility
C. Use utility
D. Place utility
|
Test Questions
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niha
14 Dec 2016some of the MCQS are written in urdu which are difficult to understand,,please change them all in English ..i will be very thankful ...