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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
According to law of diminishing marginal utility, Utility of every new (Additional) unit of commodity
Question # 2
The term marginal in economics means:
Question # 3
Initial utility of a product is:
Question # 4
Law of equi-marginal utility is also known as:
Question # 5
Human wants are:
Question # 6
In mathematics, symbol for utility is used
Question # 7
Law of diminishing marginal utility provides basis for:
Question # 8
Other things remaining the same, marginal utility of a commodity diminishes with its continuous consumption. This law is called
Question # 9
First and basic law of consumption is
Question # 10
Total utility always:
Question # 11
To determine consumer's equilibrium, professor Marshall got help from the law
Question # 12
When marginal utility is positive, total utility:
Question # 13
Consumer's equilibrium takes place at that point where:
Question # 14
Other name of law of equi marginal utility is
Question # 15
Guides finance minister for levying tax on the income of the people
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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ICom Part 1 Principles of Economics ( English Medium) Chapter 2 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | 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
|
| 2 | Marginal utility curve moves |
A. From left to right downward
B. From left to right upward
C. Parallel to ox axis
D. Parallel to oy axis
|
| 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 | When marginal utility is positive, total utility |
A. Goes on decreasing
B. Goes on increasing
C. Does not change
D. Is zero
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| 5 | Concept of law of diminishing marginal utility was presented by professor |
A. Marshall
B. Robbins
C. Keynes
D. Pigou
|
| 6 | Which of the following stated that utility is measurable |
A. Marshall
B. Adam Smith
C. Robbins
D. Keynes
|
| 7 | Utility of the last unit of a commodity consumed is called |
A. Positive utility
B. Negative utility
C. Total utility
D. Marginal utility
|
| 8 | According to law of diminishing marginal utility, marginal utility of a commodity |
A. Increases
B. Decreases
C. Remains constant
D. Become negative
|
| 9 | When marginal utility is zero, than total utility is: |
A. Minimum
B. Positive
C. Maximum
D. Zero
|
| 10 | Economist who presented the first law of consumption |
A. Marshall
B. Adam smith
C. Robbins
D. Pigou
|
Test Questions
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