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Online Tests
Principles of Economics Icom Part 1 English Medium Chapter 2 Online Test MCQs With Answers
Question # 1
Law of diminishing marginal utility provides basis for:
Choose an answer
Law of demand
Law of equi marginal utility
Law of supply
Both (a) and (b)
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Question # 2
Capital goods are those which can satisfy human wants:
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Directly
Indirectly
Proportionate
None of these
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Question # 3
Who said that utility cannot be measured
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Adam smith
Marshall
Keynes
Hicks
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Question # 4
Utility of the last unit of a commodity consumed is called
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Positive utility
Negative utility
Total utility
Marginal utility
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Question # 5
One of the following is not assumption of law of diminishing marginal utility
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Same nature of the commodity
Consumption of the commodity with intervals
Suitable quantity of the commodity
No change in consumers mental condition
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Question # 6
Utility attained by all the units of a commodity consumed
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Positive utility
Negative utility
Total utility
Marginal utility
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Question # 7
Want of a commodity is satisfied, when its marginal utility is
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Positive
Zero
Negative
Minimum
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Question # 8
Total utility decreases when marginal utility is
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Positive
Negative
Zero
Maximum
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Question # 9
Total utility is maximum when marginal utility is
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Positive
Negative
Zero
Minimum
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Question # 10
Consumer's equilibrium takes place at that point where:
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MU is negative
MU is positve
TU is maximum
MU is maximum
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Question # 11
Slope of marginal utility curve is
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Positive
Negative
Vertical
Horizontal
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Question # 12
Utility attained by consuming an additional or last unit of a commodity
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Positive utility
Negative utility
Zero utility
Marginal utility
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Question # 13
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
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Question # 14
Initial utility of a product is:
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Highest
Lowest
Constant
All of these
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Question # 15
Human wants are:
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Limited
Unlimited
Re-appear
Both (b) and (c)
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Question # 16
First and basic law of consumption is
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Law of demand
Law of decreasing return
Law of supply
Law of diminishing marginal utility
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