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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
Cardinal utility approach was presented by:
Question # 2
Objective of a rational consumer is
Question # 3
According to law of diminishing marginal utility, marginal utility of a commodity
Question # 4
First law of consumption is known as:
Question # 5
Economist who presented the first law of consumption
Question # 6
When marginal utility is negative, total utility:
Question # 7
Law of equi-marginal utility is also known as:
Question # 8
To determine consumer's equilibrium, professor Marshall got help from the law
Question # 9
Consumer's equilibrium takes place at that point where:
Question # 10
According to which economist, utility is measureable
Question # 11
Initial utility is ______ individual utilities of all the units
Question # 12
Concept of law of diminishing marginal utility was presented by professor
Question # 13
The term marginal in economics means:
Question # 14
When marginal utility is zero, then total utility is
Question # 15
Human wants are:
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 -
M Musa Aziz 08 - May - 2026 01 Min 46 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
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
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| 2 | Initial utility is ______ individual utilities of all the units |
A. More than
B. Less than
C. Equal to
D. None of these
|
| 3 | Concept of law of diminishing marginal utility was presented by professor |
A. Marshall
B. Robbins
C. Keynes
D. Pigou
|
| 4 | One of the following is non economic want: |
A. Car
B. Bike
C. Fan
D. Self respect
|
| 5 | Which law provides the base of law of demand |
A. Law of supply
B. Law of diminishing marginal utility
C. Law of equi marginal utility
D. Law of decreasing return
|
| 6 | Feature of a commodity to satisfy human want, is called |
A. Value
B. Usefulness
C. Utility
D. Wealth
|
| 7 | 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
|
| 8 | Total utility is maximum when marginal utility is |
A. Positive
B. Negative
C. Zero
D. Minimum
|
| 9 | 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
|
| 10 | Initial utility of a product is: |
A. Highest
B. Lowest
C. Constant
D. All of these
|
Test Questions
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