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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
Law of substitution is another name for
Question # 2
the term marginal in economics means
Question # 3
Power of a product which can satisfy human want is.
Question # 4
Equilibrium of consumer is explained by
Question # 5
Indifference curves are convex to the origin because
Question # 6
Human wants are
Question # 7
Law of Equi marginal utlility is a low of
Question # 8
The quality of commodity that satisfies some human want or need is called
Question # 9
When marginal is negative, it must be true that
Question # 10
One of the following will not be the income of a person.
Question # 11
MU curve
Question # 12
Diminishing marginal utility is the basis of
Question # 13
Only those goods are priced in the market which have:
Question # 14
In economics, one or more persons sharing common consumer budget is called
Question # 15
.Which one is not an economic want.
Question # 16
The number of goods and services which one unit of a product can command in exchange for it is its.
Question # 17
The goods used to produce income or wealth are.,
Question # 18
Utility and usefulness are
Question # 19
The utility of durable consumer goods.
Question # 20
Utility of a product depends upon
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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A Ahmed Palijo 11 - May - 2024 04 Min 54 Sec 14/20
ICS Part 1 Economics Chapter 2 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | A consumer's spending is restricted because of |
A. marginal utility
B. budget constraint
C. demand curve
D. unlimited wants
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| 2 | Goods which can satisfy human wants are. |
A. Consumer goods
B. Capital goods
C. Social goods
D. Public goods
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| 3 | 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
|
| 4 | MU curve |
A. rises left to right
B. is always vertical
C. falls left to right
D. is always horizontal
|
| 5 | The goods used to produce income or wealth are., |
A. Consumer goods
B. Manufactured goods
C. Merit goods
D. Capital goods
|
| 6 | Human wants are |
A. one thousand
B. few
C. innumerable
D. countable
|
| 7 | The value of a product depends upon. |
A. The number of dollars
B. The numbers of dollars which can be given in exchange for it
C. The current exchange rate.
D. None of them
|
| 8 | Diminishing marginal utility is the basis of |
A. law of supply
B. law of demand
C. laws of returns
D. none of the above
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| 9 | Utility of a product depends upon |
A. Knowledge
B. Ownership
C. Form
D. All of them
|
| 10 | 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
|
Test Questions