11th Class ICom Part 1 Principles of Economics Chapter Wise Online MCQ Test With Answers PDF English Medium

Principles of Economics Icom Part 1 English Medium Online Test

Sr. #	Questions	Answers Choice
1	Relationship between price and quantity demanded is called	Demand schedule Demand curve Law of demand Assumptions of law of demand
2	What is meant by demand for a commodity in economics	To desire for a commodity To have power to buy To have power to buy a commodity with desire Quantity of a commodity
3	Initial utility is ______ individual utilities of all the units	More than Less than Equal to None of these
4	On which of the following law of diminishing marginal utility is applicable	Money and wealth Diamonds and jewels Goods of fashion Necessities of life
5	Curve of law of diminishing marginal utility	Moves from left to right downward Moves from left to right upward Firstly it has a tendency to rise up and after a certain limit it starts falling It is parallel to ox-axis
6	Objective of a rational consumer is	To save maximum amount from his limited income To buy goods at minimum price Best choice from existing economic goods To attain maximum utility from the spent amount
7	To determine consumer's equilibrium, professor Marshall got help from the law	Law of diminishing marginal utility Law of equi marginal utility Law of demand Law of constant return
8	Other name of law of equi marginal utility is	Law of diminishing marginal utility Law of demand Law of constant return Law of indifference
9	According to which economist, utility is measureable	Marshall Adam smith Robbins Keynes
10	Other things remaining the same, marginal utility of a commodity diminishes with its continuous consumption. This law is called	Law of diminishing marginal utility Law of equi marginal utility Law of demand Law of decreasing return
11	In mathematics, symbol for utility is used	U M X Y
12	When marginal utility is negative, then total utility	Decreases Increases Does not change Becomes negative
13	When marginal utility is positive, total utility	Goes on decreasing Goes on increasing Does not change Is zero
14	When marginal utility is zero, then total utility is	Minimum Positive Maximum Zero
15	Utility of the last unit of a commodity consumed is called	Positive utility Negative utility Total utility Marginal utility

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