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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
One of the following will not be the income of a person.
Question # 2
Indifference curves are convex to the origin because
Question # 3
Shopkeepers are also producers because in goods, they produce.
Question # 4
The value of a product depends upon.
Question # 5
The number of goods and services which one unit of a product can command in exchange for it is its.
Question # 6
Equilibrium of consumer is explained by
Question # 7
Law of Equi marginal utlility is a low of
Question # 8
Utility of a product depends upon
Question # 9
.Which one is not an economic want.
Question # 10
When MU=0, TU is
Question # 11
The quality of commodity that satisfies some human want or need is called
Question # 12
A product which has value price in the market has.
Question # 13
A consumer in equilibrium when marginal utilities are
Question # 14
The price of an non-economic good is:
Question # 15
A consumer's spending is restricted because of
Question # 16
In economics, one or more persons sharing common consumer budget is called
Question # 17
the term marginal in economics means
Question # 18
Law of substitution is another name for
Question # 19
Human wants are
Question # 20
Economic wants.
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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L Laiba Muqaddas 25 - Jul - 2024 00 Min 25 Sec 20/20 -
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 -
N Noorulain Waseem 22 - Apr - 2024 01 Min 25 Sec 19/20 -
Z zainab nouman 16 - Apr - 2024 02 Min 40 Sec 19/20 -
M M.Attiq-U-Rehman 24 - Nov - 2023 02 Min 50 Sec 17/20 -
A Ali Jutt 31 - May - 2024 05 Min 27 Sec 17/20 -
M Mohammad Akhlaq 17 - Oct - 2024 03 Min 42 Sec 16/20 -
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 utility of durable consumer goods. |
A. Diminishes with the passage of time
B. Perishes, if not used
C. Can be obtained constantly
D. None of the three
|
| 2 | the term marginal in economics means |
A. unimportant
B. additional
C. the minimum unit
D. just barely passing
|
| 3 | The number of goods and services which one unit of a product can command in exchange for it is its. |
A. Value of money
B. Value in exchange
C. Price
D. Utility
|
| 4 | MU curve |
A. rises left to right
B. is always vertical
C. falls left to right
D. is always horizontal
|
| 5 | Rotten eggs are |
A. free good
B. economic good
C. service
D. wealth
|
| 6 | The price of an non-economic good is: |
A. Very low
B. Very high
C. Zero
D. Negative
|
| 7 | Goods which can satisfy human wants are. |
A. Consumer goods
B. Capital goods
C. Social goods
D. Public goods
|
| 8 | Food, Shelter and clothing are: |
A. Necessities
B. Comfort
C. Luxuries.
D. None of three
|
| 9 | 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
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| 10 | Only those goods are priced in the market which have: |
A. Utility
B. Sacrcity
C. Transferability
D. All of the above
|
Test Questions