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

Diminishing marginal utility is the basis of

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law of supply

law of demand

laws of returns

none of the above

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

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falls to zero

does not change

increases

decreases

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

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Wages

Profit

Sccholarship

Salary

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

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

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Negatively

Positovely

Normally

Sub normally

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

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

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social group

consumer union

organisation

household

The goods used to produce income or wealth are.,

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Consumer goods

Manufactured goods

Merit goods

Capital goods

Utility is most closely related to the term

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useful

useless

necessary

satisfaction

Equilibrium of consumer is explained by

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negative utility

positive utility

marginal utility

profit

The price of an non-economic good is:

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Very low

Very high

Zero

Negative

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

When MU=0, TU is

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minimum

maximum

increasing

decreasing

Only those goods are priced in the market which have:

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Utility

Sacrcity

Transferability

All of the above

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

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service

demand

utility

efficiency

MU curve

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rises left to right

is always vertical

falls left to right

is always horizontal

A consumer in equilibrium when marginal utilities are

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minimum

highest

equal

increasing

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

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

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