Question # 1

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

Choose an answer

social group

consumer union

organisation

household

A consumer in equilibrium when marginal utilities are

Choose an answer

minimum

highest

equal

increasing

Goods which can satisfy human wants are.

Choose an answer

Consumer goods

Capital goods

Social goods

Public goods

The value of a product depends upon.

Choose an answer

The number of dollars

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

The current exchange rate.

None of them

Utility is most closely related to the term

Choose an answer

useful

useless

necessary

satisfaction

The price of an non-economic good is:

Choose an answer

Very low

Very high

Zero

Negative

Food, Shelter and clothing are:

Choose an answer

Necessities

Comfort

Luxuries.

None of three

When MU is positive, TU

Choose an answer

increases

decreases

remains constant

is maximum

Rotten eggs are

Choose an answer

free good

economic good

service

wealth

Only those goods are priced in the market which have:

Choose an answer

Utility

Sacrcity

Transferability

All of the above

Human wants are

Choose an answer

one thousand

few

innumerable

countable

Economic wants.

Choose an answer

Can unlimited

Capital goods

Social goods

Public goods

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

Choose an answer

falls to zero

does not change

increases

decreases

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

Choose an answer

Wages

Profit

Sccholarship

Salary

Law of Equi marginal utlility is a low of

Choose an answer

production of wealth

consumption of wealth

distribution of wealth

exchange of wealth

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

Choose an answer

service

demand

utility

efficiency

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

Choose an answer

Negatively

Positovely

Normally

Sub normally

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

Choose an answer

Social goods

Capital goods

Consumer goods

Public goods

More Classes

Other Links

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

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer