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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
A consumer in equilibrium when marginal utilities are
Question # 2
Law of Equi marginal utlility is a low of
Question # 3
Utility is most closely related to the term
Question # 4
Utility of a product depends upon
Question # 5
A product which has value price in the market has.
Question # 6
Power of a product which can satisfy human want is.
Question # 7
.Which one is not an economic want.
Question # 8
Only those goods are priced in the market which have:
Question # 9
Goods which can satisfy human wants are.
Question # 10
Rotten eggs are
Question # 11
The good which are used to produce more goods are.``
Question # 12
Economic wants.
Question # 13
The price of an non-economic good is:
Question # 14
The number of goods and services which one unit of a product can command in exchange for it is its.
Question # 15
Utility and usefulness are
Question # 16
MU curve
Question # 17
The value of a product depends upon.
Question # 18
Shopkeepers are also producers because in goods, they produce.
Question # 19
When MU=0, TU is
Question # 20
Human wants 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 | 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 | Diminishing marginal utility is the basis of |
A. law of supply
B. law of demand
C. laws of returns
D. none of the above
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| 3 | Utility of a product depends upon |
A. Knowledge
B. Ownership
C. Form
D. All of them
|
| 4 | When MU is positive, TU |
A. increases
B. decreases
C. remains constant
D. is maximum
|
| 5 | 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
|
| 6 | General price level and real income of the people are correlated with each other |
A. Negatively
B. Positovely
C. Normally
D. Sub normally
|
| 7 | MU curve |
A. rises left to right
B. is always vertical
C. falls left to right
D. is always horizontal
|
| 8 | Utility is most closely related to the term |
A. useful
B. useless
C. necessary
D. satisfaction
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| 9 | The goods used to produce income or wealth are., |
A. Consumer goods
B. Manufactured goods
C. Merit goods
D. Capital goods
|
| 10 |
|
A. Utility
B. Total utility
C. Average utility
D. Marginal utility
|
Test Questions