Question # 1

The utility of an additional unit of a product is

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Law of demand

Law of substitution

Law of supply

Law of diminishing marginal utility

A ______ is something which is measurable and can take on different values

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Variable

Constant

Both a and b

None of these

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

The first law of consumption was presented by.

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Robert Malthus

Loinel Robbins

Alfred Marshall

Pareto

Which is the general form of quadratic equation

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x²-x-20 = 0

ax²+bx +c = 0

x²- x -c =0

None of these

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

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Increase

Decreasing

Maximum

Constant

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

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

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neutral

positive

independent

dependent

Law of equi marginal utility provides basis for.

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Equal distribution of wealth

Economy in taxation

Law of diminishing returns

Law of constant returns

How many kinds of Function

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2

3

4

5

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 bridge will be a

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Private good

Capital goods

Consumer good

Personal good

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

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class intervals

class numbers

groups

sections

To measure changes in purchasing power of money, we use

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percentages

index numbers

averages

variables

Law of equimarginal utility is also called.

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Law of substitution

Law of maximum social benefits

Law of economy

Law of maximum satisfaction

A statement of how one variable affects other variable is

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a quadrant

a variable

an assumption

a functional relationship

One of the following is not an exception to the law of diminishing marginal utility .

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Money

Knowledge

Music

Non of them

______ is a science which is concerned with the collection, presentation, and interpretation of numerical data

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Statistics

Economics analysis

Function

None of these

This is a tool in economic studies

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market

price

firm

functional relation

According to law of diminishing marginal utilities , a consumer maximises his total utility where.

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MU_a = MP_a

MU_a = AU_a

MU_a = TC_a

MU_a = P_a

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

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