Question # 1

When marginal is negative, it must be true that

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the average is negative

the average is decreasing

the total is negative

the total is decreasing

Shopkeepers are also producers because in goods, they produce.

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Form utility

Time utility

Use utility

Place utility

Only those goods are priced in the market which have:

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Utility

Sacrcity

Transferability

All of the above

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

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social group

consumer union

organisation

household

Goods which can satisfy human wants are.

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Consumer goods

Capital goods

Social goods

Public goods

The goods used to produce income or wealth are.,

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Consumer goods

Manufactured goods

Merit goods

Capital goods

the term marginal in economics means

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unimportant

additional

the minimum unit

just barely passing

Law of Equi marginal utlility is a low of

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production of wealth

consumption of wealth

distribution of wealth

exchange of wealth

A consumer's spending is restricted because of

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marginal utility

budget constraint

demand curve

unlimited wants

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

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service

demand

utility

efficiency

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

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falls to zero

does not change

increases

decreases

Human wants are

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one thousand

few

innumerable

countable

MU curve

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rises left to right

is always vertical

falls left to right

is always horizontal

A product which has value price in the market has.

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Utility

Scarcity

Transferability

All the three

The price of an non-economic good is:

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Very low

Very high

Zero

Negative

When MU=0, TU is

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minimum

maximum

increasing

decreasing

Rotten eggs are

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free good

economic good

service

wealth

The utility of durable consumer goods.

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Diminishes with the passage of time

Perishes, if not used

Can be obtained constantly

None of the three

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

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