Question # 1

According to law of diminishing marginal utility, marginal utility of a commodity

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Increases

Decreases

Remains constant

Become negative

The concept of utility is:

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Subjective

Moral

Objective

Neutral

Capital goods are those which can satisfy human wants:

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Directly

Indirectly

Proportionate

None of these

Guides finance minister for levying tax on the income of the people

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Law of demand

Law of equi marginal utility

Law of diminishing marginal utility

Law of supply

Which economist did present, cardinal theory of utility

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Marshall

Karoos

Cannon

J.B. Say

After achieving point of Satiation the total utility starts

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Rising

Declining

Remains constant

None of these

Utility attained by all the units of a commodity consumed

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Positive utility

Negative utility

Total utility

Marginal utility

Initial utility of a product is:

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Highest

Lowest

Constant

All of these

Economist who presented the first law of consumption

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Marshall

Adam smith

Robbins

Pigou

The decreasing part of TU curve shows:

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MU is zero

MU is negative

MU is increasing

MU is decreasing

Which economist stated that utility is not measurable

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Adam Smith

Marshall

Cannon

Hicks

According to law of diminishing marginal utility, Utility of every new (Additional) unit of commodity

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Increases

Decreases

Remains constant

None of these

Law of diminishing marginal utility provides basis for:

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Law of demand

Law of equi marginal utility

Law of supply

Both (a) and (b)

Marginal utility always:

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Decreases

Increases

Zero

Negative

Objective of a rational consumer is

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To save maximum amount from his limited income

To buy goods at minimum price

Best choice from existing economic goods

To attain maximum utility from the spent amount

Consumer goods are those goods which the consumers consume

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Directly

Indirectly

Sometimes

Never

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Principles of Economics Icom Part 1 English Medium Chapter 2 Online Test MCQs With Answers

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