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

Food, Shelter and clothing are:

Question # 2

The value of a product depends upon.

Question # 3

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

Question # 4

Utility is most closely related to the term

Question # 5

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

Question # 6

The price of an non-economic good is:

Question # 7

Shopkeepers are also producers because in goods, they produce.

Question # 8

the term marginal in economics means

Question # 9

Only those goods are priced in the market which have:

Question # 10

Equilibrium of consumer is explained by

Question # 11

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

Question # 12

A consumer's spending is restricted because of

Question # 13

Law of substitution is another name for

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

When MU is positive, TU

Question # 16

MU curve

Question # 17

A consumer in equilibrium when marginal utilities are

Question # 18

Diminishing marginal utility is the basis of

Question # 19

Indifference curves are convex to the origin because

Question # 20

The goods used to produce income or wealth are.,

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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 Food, Shelter and clothing are:
A. Necessities
B. Comfort
C. Luxuries.
D. None of three
3 Only those goods are priced in the market which have:
A. Utility
B. Sacrcity
C. Transferability
D. All of the above
4 In economics, one or more persons sharing common consumer budget is called
A. social group
B. consumer union
C. organisation
D. household
5 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
6 Shopkeepers are also producers because in goods, they produce.
A. Form utility
B. Time utility
C. Use utility
D. Place utility
7 Utility and usefulness are
A. equal
B. different
C. opposite
D. unrelated
8 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
9 Utility of a product depends upon
A. Knowledge
B. Ownership
C. Form
D. All of them
10 The price of an non-economic good is:
A. Very low
B. Very high
C. Zero
D. Negative

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