Question # 1

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

Rotten eggs are

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free good

economic good

service

wealth

When MU=0, TU is

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minimum

maximum

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 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 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

Equilibrium of consumer is explained by

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negative utility

positive utility

marginal utility

profit

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

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Social goods

Capital goods

Consumer goods

Public goods

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

Only those goods are priced in the market which have:

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Utility

Sacrcity

Transferability

All of the above

Economic wants.

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Can unlimited

Capital goods

Social goods

Public goods

Diminishing marginal utility is the basis of

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law of supply

law of demand

laws of returns

none of the above

Goods which can satisfy human wants are.

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Consumer goods

Capital goods

Social goods

Public goods

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

Utility and usefulness are

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equal

different

opposite

unrelated

Utility is most closely related to the term

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useful

useless

necessary

satisfaction

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

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social group

consumer union

organisation

household

Human wants are

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one thousand

few

innumerable

countable

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

MU curve

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rises left to right

is always vertical

falls left to right

is always horizontal

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

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