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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
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Question # 1
One of the following is not assumption of law of diminishing marginal utility
Question # 2
Economist who presented the first law of consumption
Question # 3
Curve of law of diminishing marginal utility
Question # 4
Marginal utility at the point of satiety is
Question # 5
Total utility increases when marginal utility is
Question # 6
Other name of law of equi marginal utility is
Question # 7
The decreasing part of TU curve shows:
Question # 8
When marginal utility is zero, then total utility is
Question # 9
To determine consumer's equilibrium, professor Marshall got help from the law
Question # 10
Law of equi-marginal utility is also known as:
Question # 11
Utility attained by all the units of a commodity consumed
Question # 12
Which economist stated that utility is not measurable
Question # 13
Concept of law of diminishing marginal utility was presented by professor
Question # 14
Consumer's equilibrium takes place at that point where:
Question # 15
Total utility decreases when marginal utility is
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.
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| Sr. # | Question | Answer |
|---|---|---|
| 1 | Initial utility of a product is: |
A. Highest B. Lowest C.Constant D. All of these |
| 2 | When total utility is increasing marginal utility is |
A. Zero B. Positive C.Negative D. Maximum |
| 3 | Utility of the last unit of a commodity consumed is called |
A. Positive utility B. Negative utility C.Total utility D. Marginal utility |
| 4 | When marginal utility is positive, total utility: |
A. Decreases B. Increases C.Zero D. All of them |
| 5 | The term marginal in economics means: |
A. An additional unit B. Change in unit C.Last unit D. All of them |
| 6 | Capital goods are those which can satisfy human wants: |
A. Directly B. Indirectly C.Proportionate D. None of these |
| 7 | On which of the following law of diminishing marginal utility is applicable |
A. Money and wealth B. Diamonds and jewels C.Goods of fashion D. Necessities of life |
| 8 | When total utility is decreasing, marginal utility is |
A. Zero B. Positive C.Negative D. Maximum |
| 9 | Total utility decreases when marginal utility is |
A. Positive B. Negative C.Zero D. Maximum |
| 10 | Economist who presented the first law of consumption |
A. Marshall B. Adam smith C.Robbins D. Pigou |
| 11 | Total utility increases when marginal utility is |
A. Positive B. Negative C.Zero D. Minimum |
| 12 | According to law of diminishing marginal utility, Utility of every new (Additional) unit of commodity |
A. Increases B. Decreases C.Remains constant D. None of these |
| 13 | Marginal utility always: |
A. Decreases B. Increases C.Zero D. Negative |
| 14 | Which economist stated that utility is not measurable |
A. Adam Smith B. Marshall C.Cannon D. Hicks |
| 15 | After achieving point of Satiation the total utility starts |
A. Rising B. Declining C.Remains constant D. None of these |
Test Questions
