Question # 1

Indifference curves are convex to the origin because

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two goods are perfect substitutes

two goods are imperfect substitutes

two goods are perfect complementary goods

goods area jointly demanded

A consumer's spending is restricted because of

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marginal utility

budget constraint

demand curve

unlimited wants

General price level and real income of the people are correlated with each other

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Negatively

Positovely

Normally

Sub normally

When MU is positive, TU

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increases

decreases

remains constant

is maximum

The goods used to produce income or wealth are.,

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Consumer goods

Manufactured goods

Merit goods

Capital goods

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 is most closely related to the term

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useful

useless

necessary

satisfaction

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

Goods which can satisfy human wants are.

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Consumer goods

Capital goods

Social goods

Public goods

Law of Equi marginal utlility is a low of

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production of wealth

consumption of wealth

distribution of wealth

exchange of wealth

The good which are used to produce more goods are.``

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Social goods

Capital goods

Consumer goods

Public goods

The value of a product depends upon.

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The number of dollars

The numbers of dollars which can be given in exchange for it

The current exchange rate.

None of them

Economic wants.

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Can unlimited

Capital goods

Social goods

Public goods

Utility of a product depends upon

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Knowledge

Ownership

Form

All of them

Rotten eggs are

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free good

economic good

service

wealth

The price of an non-economic good is:

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Very low

Very high

Zero

Negative

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

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Wages

Profit

Sccholarship

Salary

In economics, one or more persons sharing common consumer budget is called

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social group

consumer union

organisation

household

Utility and usefulness are

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equal

different

opposite

unrelated

Shopkeepers are also producers because in goods, they produce.

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Form utility

Time utility

Use utility

Place utility

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

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