Question # 1

If a consumer moves upward along an indifference curve, his total utility

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falls to zero

does not change

increases

decreases

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

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Social goods

Capital goods

Consumer goods

Public goods

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

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social group

consumer union

organisation

household

Diminishing marginal utility is the basis of

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law of supply

law of demand

laws of returns

none of the above

Power of a product which can satisfy human want is.

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Utility

Total utility

Average utility

Marginal utility

Human wants are

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one thousand

few

innumerable

countable

The price of an non-economic good is:

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Very low

Very high

Zero

Negative

the term marginal in economics means

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unimportant

additional

the minimum unit

just barely passing

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

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

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service

demand

utility

efficiency

Economic wants.

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Can unlimited

Capital goods

Social goods

Public 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

.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

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

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Wages

Profit

Sccholarship

Salary

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

The number of goods and services which one unit of a product can command in exchange for it is its.

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Value of money

Value in exchange

Price

Utility

Equilibrium of consumer is explained by

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negative utility

positive utility

marginal utility

profit

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

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

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