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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
Law of diminishing marginal utility provides basis for:
Question # 2
When total utility is decreasing, marginal utility is
Question # 3
Marginal utility at the point of satiety is
Question # 4
In mathematics, symbol for utility is used
Question # 5
First law of consumption is known as:
Question # 6
Initial utility of a product is:
Question # 7
When no satisfaction is attained by the consumption of a commodity, its marginal utility is
Question # 8
The concept of utility is:
Question # 9
The decreasing part of TU curve shows:
Question # 10
Want of a commodity is satisfied, when its marginal utility is
Question # 11
First and basic law of consumption is
Question # 12
On which of the following law of diminishing marginal utility is applicable
Question # 13
After achieving point of Satiation the total utility starts
Question # 14
Which economist did present, cardinal theory of utility
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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M Musa Aziz 08 - May - 2026 01 Min 46 Sec 14/15 -
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 | The concept of utility is: |
A. Subjective
B. Moral
C. Objective
D. Neutral
|
| 2 | 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
|
| 3 | When no satisfaction is attained by the consumption of a commodity, its marginal utility is |
A. Zero
B. Positive
C. Negative
D. Minimum
|
| 4 | When marginal utility is negative, total utility: |
A. Decreases
B. Increases
C. Does not change
D. Negative
|
| 5 | Which economist stated that utility is not measurable |
A. Adam Smith
B. Marshall
C. Cannon
D. Hicks
|
| 6 | 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
|
| 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 marginal utility is positive, total utility: |
A. Decreases
B. Increases
C. Zero
D. All of them
|
| 9 | When marginal utility is negative, then total utility |
A. Decreases
B. Increases
C. Does not change
D. Becomes negative
|
| 10 | Slope of marginal utility curve is |
A. Positive
B. Negative
C. Vertical
D. Horizontal
|
Test Questions
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