Question # 1

This is a tool in economic studies

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market

price

firm

functional relation

According to law of equi-marginal utility a consumer will maximises his total utility when

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He spends all his income on the product only

He spends more on one and less on the other

Marginal utility of the two goods are equalised

Not only the marginals utility of the two goods are equalised, but also the marginal utility of each good is equal to its price.

Law of diminishing marginal utility provides basis for:

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Law of demand

Law of supply

Laws of returns

Law of variable proportions

How many kinds of equations?

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4

3

2

5

When marginal utility of a product is zero its total utility will be.

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Increase

Decreasing

Maximum

Constant

A statement of how one variable affects other variable is

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a quadrant

a variable

an assumption

a functional relationship

In mathematics which letters at the end of alphabet are used to represent variables

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(u,v,w,x,y,z)

(a,b.c.d.e.f.g)

(a.b.c.u.v.w)

((x,y,z,a,b,c)

if X and Y scales are the same a line making 45-degree angle with X-axis has slope

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1/4

1/2

1

constant

A variable is a symbol which, during a discussion, may assume different values or a set of admissible values. This is the definition of

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Prof. Kooros

Prof. Marshall

Prof. Rabbins

Prof. Kneez

Constant are represented by symbol

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C

V

P

U

The relationship between two variables that move in the same direction is called

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neutral

positive

independent

dependent

Marginal utility of a product is the utility obtained by consuming.

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First unit of consummption

Each additional unit of consumption

Last unit of consumption

None of the them

How many kinds of Function

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2

3

4

5

When the classify data on the basis of income there will be

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class intervals

class numbers

groups

sections

How many Kinds of variables?

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There are many kinds of variables

There are 2 kinds of variables

There are 3 kinds of variables

There are 4 kinds of variables

If we plot the equation y = 20 +3x, its slope is

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20

3

20/3

Indeterminate

3x²=0 is an equation

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linear

quadratic

general

first degree

A bridge will be a

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Private good

Capital goods

Consumer good

Personal good

Variable are represented by symbol

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V

U

P

C

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Economics Ics Part 1 English Medium Chapter 3 Online Test MCQs With Answers

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