Question # 1

Utility is most closely related to the term

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useful

useless

necessary

satisfaction

A consumer in equilibrium when marginal utilities are

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minimum

highest

equal

increasing

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

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Negatively

Positovely

Normally

Sub normally

Law of substitution is another name for

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law of diminishing MU

law of equi-MU

law of demand

law of satisfaction

Utility of a product depends upon

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Knowledge

Ownership

Form

All of them

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

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Wages

Profit

Sccholarship

Salary

Diminishing marginal utility is the basis of

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law of supply

law of demand

laws of returns

none of the above

A product which has value price in the market has.

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Utility

Scarcity

Transferability

All the three

Shopkeepers are also producers because in goods, they produce.

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Form utility

Time utility

Use utility

Place utility

The quality of commodity that satisfies some human want or need is called

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service

demand

utility

efficiency

the term marginal in economics means

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unimportant

additional

the minimum unit

just barely passing

Only those goods are priced in the market which have:

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Utility

Sacrcity

Transferability

All of the above

Indifference curves are convex to the origin because

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two goods are perfect substitutes

two goods are imperfect substitutes

two goods are perfect complementary goods

goods area jointly demanded

The value of a product depends upon.

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The number of dollars

The numbers of dollars which can be given in exchange for it

The current exchange rate.

None of them

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

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social group

consumer union

organisation

household

.Which one is not an economic want.

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Want for food

Want to be a doctor

Want to fall in love

Non of the above

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

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Social goods

Capital goods

Consumer goods

Public goods

Rotten eggs are

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free good

economic good

service

wealth

A consumer's spending is restricted because of

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marginal utility

budget constraint

demand curve

unlimited wants

MU curve

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rises left to right

is always vertical

falls left to right

is always horizontal

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Economics Ics Part 1 English Medium Chapter 2 Online Test MCQs With Answers

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