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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Economics Ics Part 1 English Medium Chapter 2 Online Test

00:00
Question # 1

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

Question # 2

Law of substitution is another name for

Question # 3

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

Question # 4

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

Question # 5

The price of an non-economic good is:

Question # 6

the term marginal in economics means

Question # 7

Human wants are

Question # 8

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

Question # 9

Diminishing marginal utility is the basis of

Question # 10

Power of a product which can satisfy human want is.

Question # 11

Indifference curves are convex to the origin because

Question # 12

Rotten eggs are

Question # 13

MU curve

Question # 14

The utility of durable consumer goods.

Question # 15

A consumer in equilibrium when marginal utilities are

Question # 16

A product which has value price in the market has.

Question # 17

When MU=0, TU is

Question # 18

Economic wants.

Question # 19

Goods which can satisfy human wants are.

Question # 20

Only those goods are priced in the market which have:

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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 A product which has value price in the market has.
A. Utility
B. Scarcity
C. Transferability
D. All the three
3 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
4 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
5 .Which one is not an economic want.
A. Want for food
B. Want to be a doctor
C. Want to fall in love
D. Non of the above
6 Human wants are
A. one thousand
B. few
C. innumerable
D. countable
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 Only those goods are priced in the market which have:
A. Utility
B. Sacrcity
C. Transferability
D. All of the above
9 In economics, one or more persons sharing common consumer budget is called
A. social group
B. consumer union
C. organisation
D. household
10 Utility of a product depends upon
A. Knowledge
B. Ownership
C. Form
D. All of them

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