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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
First law of consumption is known as:
Question # 2
One of the following is non economic want:
Question # 3
Consumer goods are those goods which the consumers consume
Question # 4
Want of a commodity is satisfied, when its marginal utility is
Question # 5
Law of diminishing marginal utility provides basis for:
Question # 6
When marginal utility is negative, then total utility
Question # 7
When no satisfaction is attained by the consumption of a commodity, its marginal utility is
Question # 8
Total utility always:
Question # 9
Feature of a commodity to satisfy human want, is called
Question # 10
Which law is applied when marginal utilities of all the purchased goods become equal to each other
Question # 11
According to law of diminishing marginal utility, Utility of every new (Additional) unit of commodity
Question # 12
Utility is related with
Question # 13
The concept of utility is:
Question # 14
Total utility increases when marginal utility is
Question # 15
The power of a good or service to satisfy a human want is called:
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 Unknown 01 - Jul - 2024 00 Min 09 Sec 15/15 -
S Sohaib Rana 26 - Jun - 2026 00 Min 57 Sec 15/15 -
A Angle Jasmine 04 - May - 2024 01 Min 24 Sec 15/15 -
Z Zeeshan Haider 01 - Jul - 2024 00 Min 58 Sec 14/15 -
A Ali Imtiaz 16 - Jan - 2025 01 Min 27 Sec 14/15 -
Z Zafar Ali 22 - May - 2024 01 Min 45 Sec 14/15 -
M Musa Aziz 08 - May - 2026 01 Min 46 Sec 14/15 -
L Lily 24 - Oct - 2025 02 Min 25 Sec 14/15 -
U Usva Azam 24 - Nov - 2024 02 Min 27 Sec 14/15 -
U umer 06 - Aug - 2024 02 Min 39 Sec 14/15 -
A Abdullah Aslam 06 - Aug - 2024 02 Min 36 Sec 13/15 -
K Known Person 13 - Apr - 2026 02 Min 46 Sec 13/15 -
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B Bilal zafar 07 - Jun - 2024 03 Min 58 Sec 13/15 -
M Minahil Riaz 30 - Mar - 2026 04 Min 20 Sec 13/15
ICom Part 1 Principles of Economics ( English Medium) Chapter 2 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Initial utility of a product is: |
A. Highest
B. Lowest
C. Constant
D. All of these
|
| 2 | Objective of a rational consumer is |
A. To save maximum amount from his limited income
B. To buy goods at minimum price
C. Best choice from existing economic goods
D. To attain maximum utility from the spent amount
|
| 3 | Utility of a commodity is zero, when |
A. Want is satisfied upto a certain extent
B. Want is fully satisfied
C. Utility is positive
D. Want is not satisfied
|
| 4 | Want of a commodity is satisfied, when its marginal utility is |
A. Positive
B. Zero
C. Negative
D. Minimum
|
| 5 | Other things remaining the same, marginal utility of a commodity diminishes with its continuous consumption. This law is called |
A. Law of diminishing marginal utility
B. Law of equi marginal utility
C. Law of demand
D. Law of decreasing return
|
| 6 | Utility is related with |
A. Usefulness
B. Useless
C. Necessities
D. Desire
|
| 7 | The term marginal in economics means: |
A. An additional unit
B. Change in unit
C. Last unit
D. All of them
|
| 8 | Which economist stated that utility is not measurable |
A. Adam Smith
B. Marshall
C. Cannon
D. Hicks
|
| 9 | Utility attained by the consumption of first unit of a commodity is called |
A. Positive utility
B. Negative utility
C. Initial utility
D. Zero utility
|
| 10 | Which of the following stated that utility is measurable |
A. Marshall
B. Adam Smith
C. Robbins
D. Keynes
|
Test Questions
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