Question # 1

One of the following is non economic want:

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Car

Bike

Fan

Self respect

Consumer goods are those goods which the consumers consume

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Directly

Indirectly

Sometimes

Never

Total utility decreases when marginal utility is

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Positive

Negative

Zero

Maximum

Which economist did present, cardinal theory of utility

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Marshall

Karoos

Cannon

J.B. Say

Cardinal utility approach was presented by:

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Adam smith

Keynes

Robbins

Marshall

When marginal utility is zero, then total utility is

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Minimum

Positive

Maximum

Zero

Who said that utility cannot be measured

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Adam smith

Marshall

Keynes

Hicks

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

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Money and wealth

Diamonds and jewels

Goods of fashion

Necessities of life

Slope of marginal utility curve is

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Positive

Negative

Vertical

Horizontal

Total utility increases when marginal utility is

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Positive

Negative

Zero

Minimum

First law of consumption is known as:

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Law of supply

Law of demand

Law of diminishing marginal utility

Law of equi marginal utility

Capital goods are those which can satisfy human wants:

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Directly

Indirectly

Proportionate

None of these

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

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

Curve of law of diminishing marginal utility

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Moves from left to right downward

Moves from left to right upward

Firstly it has a tendency to rise up and after a certain limit it starts falling

It is parallel to ox-axis

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

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