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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
Utility of the last unit of a commodity consumed is called
Question # 2
Initial utility of a product is:
Question # 3
According to law of diminishing marginal utility, marginal utility of a commodity
Question # 4
When marginal utility is negative, then total utility
Question # 5
When marginal utility is zero, than total utility is:
Question # 6
Utility can not be measurable who has said
Question # 7
Which of the following stated that utility is measurable
Question # 8
When marginal utility is negative, total utility:
Question # 9
When marginal utility is positive, total utility
Question # 10
Slope of marginal utility curve is
Question # 11
In mathematics, symbol for utility is used
Question # 12
Utility attained by consuming an additional or last unit of a commodity
Question # 13
Marginal utility curve moves
Question # 14
Consumer's behaviour means:
Question # 15
To determine consumer's equilibrium, professor Marshall got help from the law
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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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 -
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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 | Utility attained by all the units of a commodity consumed |
A. Positive utility
B. Negative utility
C. Total utility
D. Marginal utility
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| 2 | 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)
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| 3 | The concept of utility is: |
A. Subjective
B. Moral
C. Objective
D. Neutral
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| 4 | 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
|
| 5 | Consumer's equilibrium takes place at that point where: |
A. MU is negative
B. MU is positve
C. TU is maximum
D. MU is maximum
|
| 6 | When no satisfaction is attained by the consumption of a commodity, its marginal utility is |
A. Zero
B. Positive
C. Negative
D. Minimum
|
| 7 | The name of first law of consumption is |
A. Law of demand
B. Law of diminishing marginal utility
C. Law of equi marginal utility
D. Law of supply
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| 8 | 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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| 9 | When marginal utility is zero, then total utility is |
A. Minimum
B. Positive
C. Maximum
D. Zero
|
| 10 | When marginal utility is positive, total utility: |
A. Decreases
B. Increases
C. Zero
D. All of them
|
Test Questions