Question # 1

If a person consumes goods X and Y maximises total utility, then MU per rupee from the two goods must be

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equal

unequal

increasing

decreasing

.Which one is not an economic want.

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Want for food

Want to be a doctor

Want to fall in love

Non of the above

When MU is positive, TU

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increases

decreases

remains constant

is maximum

A product which has value price in the market has.

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Utility

Scarcity

Transferability

All the three

A consumer in equilibrium when marginal utilities are

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minimum

highest

equal

increasing

The price of an non-economic good is:

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Very low

Very high

Zero

Negative

The goods used to produce income or wealth are.,

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Consumer goods

Manufactured goods

Merit goods

Capital goods

Equilibrium of consumer is explained by

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negative utility

positive utility

marginal utility

profit

When marginal is negative, it must be true that

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the average is negative

the average is decreasing

the total is negative

the total is decreasing

Economic wants.

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Can unlimited

Capital goods

Social goods

Public goods

Goods which can satisfy human wants are.

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Consumer goods

Capital goods

Social goods

Public goods

One of the following will not be the income of a person.

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Wages

Profit

Sccholarship

Salary

The utility of durable consumer goods.

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Diminishes with the passage of time

Perishes, if not used

Can be obtained constantly

None of the three

Utility of a product depends upon

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Knowledge

Ownership

Form

All of them

A consumer's spending is restricted because of

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marginal utility

budget constraint

demand curve

unlimited wants

Power of a product which can satisfy human want is.

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Utility

Total utility

Average utility

Marginal utility

Law of substitution is another name for

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law of diminishing MU

law of equi-MU

law of demand

law of satisfaction

Food, Shelter and clothing are:

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Necessities

Comfort

Luxuries.

None of three

Human wants are

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one thousand

few

innumerable

countable

The quality of commodity that satisfies some human want or need is called

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service

demand

utility

efficiency

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Economics Ics Part 1 English Medium Chapter 2 Online Test MCQs With Answers

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