Question # 1

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)

Capital goods are those which can satisfy human wants:

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Directly

Indirectly

Proportionate

None of these

The concept of utility is:

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Subjective

Moral

Objective

Neutral

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

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

Utility of the last unit of a commodity consumed is called

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Positive utility

Negative utility

Total utility

Marginal utility

Consumer goods are those goods which the consumers consume

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Directly

Indirectly

Sometimes

Never

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 total utility is decreasing, marginal utility is

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Zero

Positive

Negative

Maximum

According to which economist, utility is measureable

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Marshall

Adam smith

Robbins

Keynes

Human wants are:

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Limited

Unlimited

Re-appear

Both (b) and (c)

Marginal utility always:

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Decreases

Increases

Zero

Negative

Who said that utility cannot be measured

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Adam smith

Marshall

Keynes

Hicks

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

The decreasing part of TU curve shows:

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MU is zero

MU is negative

MU is increasing

MU is decreasing

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

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