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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
Which economist stated that utility is not measurable
Question # 2
Marginal utility at the point of satiety is
Question # 3
Utility of a commodity is zero, when
Question # 4
Guides finance minister for levying tax on the income of the people
Question # 5
Law of diminishing marginal utility provides basis for:
Question # 6
Concept of law of diminishing marginal utility was presented by professor
Question # 7
First law of consumption is known as:
Question # 8
Want of a commodity is satisfied, when its marginal utility is
Question # 9
When marginal utility is positive, total utility
Question # 10
Which law is applied when marginal utilities of all the purchased goods become equal to each other
Question # 11
The price of non-economic want is always:
Question # 12
When marginal utility is zero, then total utility is
Question # 13
After achieving point of Satiation the total utility starts
Question # 14
Law of equi-marginal utility is also known as:
Question # 15
Other name of law of equi marginal utility is
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 -
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 -
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 -
A Ahmad Wazir Khan 19 - Apr - 2024 03 Min 25 Sec 13/15 -
B Bilal zafar 07 - Jun - 2024 03 Min 58 Sec 13/15 -
M Minahil Riaz 30 - Mar - 2026 04 Min 20 Sec 13/15 -
A Abeeha aslam 07 - Jun - 2024 02 Min 08 Sec 12/15 -
A Arzoo Qaiser 30 - Jan - 2026 02 Min 43 Sec 12/15
ICom Part 1 Principles of Economics ( English Medium) Chapter 2 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | In mathematics, symbol for utility is used |
A. U
B. M
C. X
D. Y
|
| 2 | Which law is applied when marginal utilities of all the purchased goods become equal to each other |
A. Law of diminishing marginal utility
B. Law of equi marginal utility
C. Law of demand
D. Law of increasing return
|
| 3 | Law of equi-marginal utility is also known as: |
A. Total utility maximizing law
B. Law of substitution
C. Law of indifference
D. All of them
|
| 4 | The concept of utility is: |
A. Subjective
B. Moral
C. Objective
D. Neutral
|
| 5 | When marginal utility is negative, total utility: |
A. Decreases
B. Increases
C. Does not change
D. Negative
|
| 6 | 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)
|
| 7 | Utility attained by all the units of a commodity consumed |
A. Positive utility
B. Negative utility
C. Total utility
D. Marginal utility
|
| 8 | When marginal utility is positive, total utility |
A. Goes on decreasing
B. Goes on increasing
C. Does not change
D. Is zero
|
| 9 | The power of a good or service to satisfy a human want is called: |
A. Value
B. Price
C. Utility
D. All of them
|
| 10 | Feature of a commodity to satisfy human want, is called |
A. Value
B. Usefulness
C. Utility
D. Wealth
|
Test Questions