Question # 1

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

A contour line which slopes downward from left to right and yield equal level of satisfaction to consumer with the given income is.

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Negatively slop curve

An indifference curve

Positively sloped Curve

None of the above

The maintain social status in life, a person requires.

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Bare necessities of life

Comforts of life

Luxuries of life

All of them

Law of equimarginal utility is also called.

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Law of substitution

Law of maximum social benefits

Law of economy

Law of maximum satisfaction

______ is a science which is concerned with the collection, presentation, and interpretation of numerical data

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Statistics

Economics analysis

Function

None of these

Total utility is maximised when.

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Marginal utility is zero

Marginal utility falls

Marginal utility rises

Non of the above

How many kinds of Function

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2

3

4

5

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

The talent of a professor is .

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National wealth

International wealth

Personal wealth

Non of them

The first law of consumption was presented by.

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Robert Malthus

Loinel Robbins

Alfred Marshall

Pareto

To show data in tables, we must first

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reduce data

expand data

classify data

all of the above

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

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

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neutral

positive

independent

dependent

Initial utility of a product is :

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Highest

Lowest

Conatant

None of them

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

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

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

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Increase

Decreasing

Maximum

Constant

A ______ is something which is measurable and can take on different values

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Variable

Constant

Both a and b

None of these

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

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

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