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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
Economic wants.
Question # 3
Rotten eggs are
Question # 4
The number of goods and services which one unit of a product can command in exchange for it is its.
Question # 5
One of the following will not be the income of a person.
Question # 6
Equilibrium of consumer is explained by
Question # 7
If a consumer moves upward along an indifference curve, his total utility
Question # 8
Food, Shelter and clothing are:
Question # 9
Diminishing marginal utility is the basis of
Question # 10
A product which has value price in the market has.
Question # 11
The goods used to produce income or wealth are.,
Question # 12
In economics, one or more persons sharing common consumer budget is called
Question # 13
The utility of durable consumer goods.
Question # 14
Utility is most closely related to the term
Question # 15
the term marginal in economics means
Question # 16
Law of substitution is another name for
Question # 17
General price level and real income of the people are correlated with each other
Question # 18
Human wants are
Question # 19
A consumer's spending is restricted because of
Question # 20
When marginal is negative, it must be true that
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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Z Zafar Ali 22 - May - 2024 02 Min 02 Sec 20/20 -
B Bano Begum 09 - May - 2024 03 Min 34 Sec 20/20 -
H hafsa Mumtaz 10 - May - 2024 05 Min 04 Sec 20/20 -
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M M.Attiq-U-Rehman 24 - Nov - 2023 02 Min 50 Sec 17/20 -
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T Taimoor Kayani 08 - May - 2024 03 Min 22 Sec 15/20 -
A Ashraf Ali 28 - Jul - 2024 10 Min 18 Sec 15/20 -
S Saad Sadiq 03 - May - 2024 02 Min 06 Sec 14/20 -
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 product which has value price in the market has. |
A. Utility
B. Scarcity
C. Transferability
D. All the three
|
| 2 | Economic wants. |
A. Can unlimited
B. Capital goods
C. Social goods
D. Public goods
|
| 3 | The goods used to produce income or wealth are., |
A. Consumer goods
B. Manufactured goods
C. Merit goods
D. Capital goods
|
| 4 | The price of an non-economic good is: |
A. Very low
B. Very high
C. Zero
D. Negative
|
| 5 | When MU=0, TU is |
A. minimum
B. maximum
C. increasing
D. decreasing
|
| 6 | 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
|
| 7 | 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
|
| 8 | Utility of a product depends upon |
A. Knowledge
B. Ownership
C. Form
D. All of them
|
| 9 | Goods which can satisfy human wants are. |
A. Consumer goods
B. Capital goods
C. Social goods
D. Public goods
|
| 10 | Human wants are |
A. one thousand
B. few
C. innumerable
D. countable
|
Test Questions
Share your comments & questions here
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 ...