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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
Utility is related with
Question # 2
On which of the following law of diminishing marginal utility is applicable
Question # 3
When total utility is decreasing, marginal utility is
Question # 4
The decreasing part of TU curve shows:
Question # 5
Utility of a commodity is zero, when
Question # 6
Which economist did present, cardinal theory of utility
Question # 7
The concept of utility is:
Question # 8
Marginal utility at the point of satiety is
Question # 9
Utility can not be measurable who has said
Question # 10
According to which economist, utility is measureable
Question # 11
Consumer goods are those goods which the consumers consume
Question # 12
Marginal utility always:
Question # 13
Objective of a rational consumer is
Question # 14
Economist who presented the first law of consumption
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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S Sohaib Rana 26 - Jun - 2026 00 Min 57 Sec 15/15 -
A Angle Jasmine 04 - May - 2024 01 Min 24 Sec 15/15 -
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L Lily 24 - Oct - 2025 02 Min 25 Sec 14/15 -
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A Abdullah Aslam 06 - Aug - 2024 02 Min 36 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 | Who said that utility cannot be measured |
A. Adam smith
B. Marshall
C. Keynes
D. Hicks
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| 2 | First law of consumption is known as: |
A. Law of supply
B. Law of demand
C. Law of diminishing marginal utility
D. Law of equi marginal utility
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| 3 | To determine consumer's equilibrium, professor Marshall got help from the law |
A. Law of diminishing marginal utility
B. Law of equi marginal utility
C. Law of demand
D. Law of constant return
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| 4 | One of the following is non economic want: |
A. Car
B. Bike
C. Fan
D. Self respect
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| 5 | 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
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| 6 | Consumer goods are those goods which the consumers consume |
A. Directly
B. Indirectly
C. Sometimes
D. Never
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| 7 | On which of the following law of diminishing marginal utility is applicable |
A. Money and wealth
B. Historical articles
C. Normal goods of need
D. Narcotics
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| 8 | Human wants are: |
A. Limited
B. Unlimited
C. Re-appear
D. Both (b) and (c)
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| 9 | One of the following is not assumption of law of diminishing marginal utility |
A. Same nature of the commodity
B. Consumption of the commodity with intervals
C. Suitable quantity of the commodity
D. No change in consumers mental condition
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| 10 | Want of a commodity is satisfied, when its marginal utility is |
A. Positive
B. Zero
C. Negative
D. Minimum
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Test Questions
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