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This online test contains MCQs about following topics:
. Market demand . Law of demand . Changes in demand . Supply . Law of supply . changes in supply . Equilibrium of demand and supply . Price determination under perfect competition
ICOM Part 1 Economics Ch 2 Test
ICOM Part 1 English Medium Subjects
ICOM Part 1 Urdu Medium Subjects
MCQ's Test For Chapter 2 "Principles of Economics Icom Part 1 English Medium Chapter 2 Online Test"
Try The MCQ's Test For Chapter 2 "Principles of Economics Icom Part 1 English Medium Chapter 2 Online Test"
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Total Questions15
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Time Allowed20
Principles of Economics Icom Part 1 English Medium Chapter 2 Online Test
00:00
Question # 1
Marginal utility at the point of satiety is
Question # 2
Other things remaining the same, marginal utility of a commodity diminishes with its continuous consumption. This law is called
Question # 3
Utility attained by the consumption of first unit of a commodity is called
Question # 4
Concept of law of diminishing marginal utility was presented by professor
Question # 5
Objective of a rational consumer is
Question # 6
Utility attained by all the units of a commodity consumed
Question # 7
When marginal utility is positive, total utility:
Question # 8
Who said that utility cannot be measured
Question # 9
The concept of utility is:
Question # 10
First law of consumption is known as:
Question # 11
Capital goods are those which can satisfy human wants:
Question # 12
Utility of a commodity is zero, when
Question # 13
Which of the following stated that utility is measurable
Question # 14
The price of non-economic want is always:
Question # 15
When marginal utility is negative, total utility:
11th Principle of Economics Chapter 2 Test
Here you can prepare 11th Principle of Economics English Medium Chapter 2 Consumer's Demand Theory Test. Click the button for 100% free full practice test.
Top Scorers Of Chapter 2 "Principles of Economics Icom Part 1 English Medium Chapter 2 Online Test" MCQ`s Test
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U umer 06 - Aug - 2024 02 Min 39 Sec 14/15 -
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ICom Part 1 Principles of Economics ( English Medium) Chapter 2 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | When marginal utility is negative, total utility: |
A. Decreases
B. Increases
C. Does not change
D. Negative
|
| 2 | Which economist stated that utility is not measurable |
A. Adam Smith
B. Marshall
C. Cannon
D. Hicks
|
| 3 | Law of diminishing marginal utility provides basis for: |
A. Law of demand
B. Law of equi marginal utility
C. Law of supply
D. Both (a) and (b)
|
| 4 | The name of first law of consumption is |
A. Law of demand
B. Law of diminishing marginal utility
C. Law of equi marginal utility
D. Law of supply
|
| 5 | Curve of law of diminishing marginal utility |
A. Moves from left to right downward
B. Moves from left to right upward
C. Firstly it has a tendency to rise up and after a certain limit it starts falling
D. It is parallel to ox-axis
|
| 6 | Want of a commodity is satisfied, when its marginal utility is |
A. Positive
B. Zero
C. Negative
D. Minimum
|
| 7 | When marginal utility is positive, total utility |
A. Goes on decreasing
B. Goes on increasing
C. Does not change
D. Is zero
|
| 8 | Utility attained by consuming an additional or last unit of a commodity |
A. Positive utility
B. Negative utility
C. Zero utility
D. Marginal utility
|
| 9 | Total utility decreases when marginal utility is |
A. Positive
B. Negative
C. Zero
D. Maximum
|
| 10 | Which law is applied when marginal utilities of all the purchased goods become equal to each other |
A. Law of diminishing marginal utility
B. Law of equi marginal utility
C. Law of demand
D. Law of increasing return
|
Test Questions