Question # 1

According to law of equi-marginal utility a consumer will maximises his total utility when

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He spends all his income on the product only

He spends more on one and less on the other

Marginal utility of the two goods are equalised

Not only the marginals utility of the two goods are equalised, but also the marginal utility of each good is equal to its price.

One of the following is not an exception to the law of diminishing marginal utility .

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Money

Knowledge

Music

Non of them

How many kinds of equations?

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4

3

2

5

Constant are represented by symbol

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C

V

P

U

According to law of diminishing marginal utilities , a consumer maximises his total utility where.

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MU_a = MP_a

MU_a = AU_a

MU_a = TC_a

MU_a = P_a

A variable is a symbol which, during a discussion, may assume different values or a set of admissible values. This is the definition of

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Prof. Kooros

Prof. Marshall

Prof. Rabbins

Prof. Kneez

How many kinds of Function

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2

3

4

5

Marginal utility of a product is the utility obtained by consuming.

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First unit of consummption

Each additional unit of consumption

Last unit of consumption

None of the them

3x²=0 is an equation

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linear

quadratic

general

first degree

The utility of an additional unit of a product is

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Law of demand

Law of substitution

Law of supply

Law of diminishing marginal utility

When the classify data on the basis of income there will be

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class intervals

class numbers

groups

sections

Who introduced indifference curves to explain consumer's beghavior

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J.R Hicks

Marshall

Robbins

Adam Smith

How many Kinds of variables?

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There are many kinds of variables

There are 2 kinds of variables

There are 3 kinds of variables

There are 4 kinds of variables

Variable are represented by symbol

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V

U

P

C

A statement of how one variable affects other variable is

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a quadrant

a variable

an assumption

a functional relationship

How many kinds of data?

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2

3

4

5

The relationship between two variables that move in the same direction is called

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neutral

positive

independent

dependent

Law of equi marginal utility provides basis for.

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Equal distribution of wealth

Economy in taxation

Law of diminishing returns

Law of constant returns

When marginal utility of a product is zero its total utility will be.

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Increase

Decreasing

Maximum

Constant

Which is the general form of quadratic equation

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x²-x-20 = 0

ax²+bx +c = 0

x²- x -c =0

None of these

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Economics Ics Part 1 English Medium Chapter 3 Online Test MCQs With Answers

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