Question # 1

When total utility is decreasing, marginal utility is

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Zero

Positive

Negative

Maximum

On which of the following law of diminishing marginal utility is applicable

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Money and wealth

Historical articles

Normal goods of need

Narcotics

Cardinal utility approach was presented by:

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Adam smith

Keynes

Robbins

Marshall

Consumer goods are those goods which the consumers consume

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Directly

Indirectly

Sometimes

Never

The decreasing part of TU curve shows:

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MU is zero

MU is negative

MU is increasing

MU is decreasing

When total utility is increasing marginal utility is

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Zero

Positive

Negative

Maximum

Which law provides the base of law of demand

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Law of supply

Law of diminishing marginal utility

Law of equi marginal utility

Law of decreasing return

Slope of marginal utility curve is

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Positive

Negative

Vertical

Horizontal

Utility attained by all the units of a commodity consumed

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Positive utility

Negative utility

Total utility

Marginal utility

When marginal utility is negative, then total utility

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Decreases

Increases

Does not change

Becomes negative

Total utility increases when marginal utility is

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Positive

Negative

Zero

Minimum

In mathematics, symbol for utility is used

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U

M

X

Y

The power of a good or service to satisfy a human want is called:

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Value

Price

Utility

All of them

Which law is applied when marginal utilities of all the purchased goods become equal to each other

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Law of diminishing marginal utility

Law of equi marginal utility

Law of demand

Law of increasing return

To determine consumer's equilibrium, professor Marshall got help from the law

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Law of diminishing marginal utility

Law of equi marginal utility

Law of demand

Law of constant return

Law of equi-marginal utility is also known as:

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Total utility maximizing law

Law of substitution

Law of indifference

All of them

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

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