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This online test contains MCQs about following topics:
Utility ,Relationshipsof marginal and Total utility ,Scarcity ,Value and Price ,Income ,Goods and Sevice ,Wealth ,Law of Diminshing Utility ,Law of Equi Marginal Utility ,Formula for Consumers Equilibrium
MCQ's Test For Chapter 2 "Economics Ics Part 1 English Medium Chapter 2 Online Test"
Try The MCQ's Test For Chapter 2 "Economics Ics Part 1 English Medium Chapter 2 Online Test"
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Total Questions20
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Time Allowed30
Economics Ics Part 1 English Medium Chapter 2 Online Test
00:00
Question # 1
In economics, one or more persons sharing common consumer budget is called
Question # 2
.Which one is not an economic want.
Question # 3
One of the following will not be the income of a person.
Question # 4
Utility and usefulness are
Question # 5
If a consumer moves upward along an indifference curve, his total utility
Question # 6
If a person consumes goods X and Y maximises total utility, then MU per rupee from the two goods must be
Question # 7
Law of substitution is another name for
Question # 8
Diminishing marginal utility is the basis of
Question # 9
The goods used to produce income or wealth are.,
Question # 10
The value of a product depends upon.
Question # 11
Shopkeepers are also producers because in goods, they produce.
Question # 12
The good which are used to produce more goods are.``
Question # 13
Power of a product which can satisfy human want is.
Question # 14
Only those goods are priced in the market which have:
Question # 15
When MU=0, TU is
Question # 16
Food, Shelter and clothing are:
Question # 17
The price of an non-economic good is:
Question # 18
MU curve
Question # 19
A consumer's spending is restricted because of
Question # 20
Indifference curves are convex to the origin because
ICS Part 1 Economics Chapter 2 MCQs Test
Top Scorers Of Chapter 2 "Economics Ics Part 1 English Medium Chapter 2 Online Test" MCQ`s Test
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Z Zafar Ali 22 - May - 2024 02 Min 02 Sec 20/20 -
B Bano Begum 09 - May - 2024 03 Min 34 Sec 20/20 -
H hafsa Mumtaz 10 - May - 2024 05 Min 04 Sec 20/20 -
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M M.Attiq-U-Rehman 24 - Nov - 2023 02 Min 50 Sec 17/20 -
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Q Qazi Mohid 09 - Jun - 2026 03 Min 51 Sec 16/20 -
Z Zaina Ch 10 - May - 2024 02 Min 22 Sec 15/20 -
T Taimoor Kayani 08 - May - 2024 03 Min 22 Sec 15/20 -
A Ashraf Ali 28 - Jul - 2024 10 Min 18 Sec 15/20 -
S Saad Sadiq 03 - May - 2024 02 Min 06 Sec 14/20 -
A Abdullah Safdar 23 - Jun - 2026 02 Min 21 Sec 14/20
ICS Part 1 Economics Chapter 2 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | The quality of commodity that satisfies some human want or need is called |
A. service
B. demand
C. utility
D. efficiency
|
| 2 | Utility is most closely related to the term |
A. useful
B. useless
C. necessary
D. satisfaction
|
| 3 | A product which has value price in the market has. |
A. Utility
B. Scarcity
C. Transferability
D. All the three
|
| 4 | Food, Shelter and clothing are: |
A. Necessities
B. Comfort
C. Luxuries.
D. None of three
|
| 5 | Equilibrium of consumer is explained by |
A. negative utility
B. positive utility
C. marginal utility
D. profit
|
| 6 | .Which one is not an economic want. |
A. Want for food
B. Want to be a doctor
C. Want to fall in love
D. Non of the above
|
| 7 | Law of substitution is another name for |
A. law of diminishing MU
B. law of equi-MU
C. law of demand
D. law of satisfaction
|
| 8 | A consumer in equilibrium when marginal utilities are |
A. minimum
B. highest
C. equal
D. increasing
|
| 9 | Rotten eggs are |
A. free good
B. economic good
C. service
D. wealth
|
| 10 | One of the following will not be the income of a person. |
A. Wages
B. Profit
C. Sccholarship
D. Salary
|
Test Questions