Question # 1

To measure changes in purchasing power of money, we use

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percentages

index numbers

averages

variables

Constant are represented by symbol

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C

V

P

U

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

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class intervals

class numbers

groups

sections

One of the following will not be an assumption of the law of diminishing marginal utility.

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Nature of the product should not changed

Mental condition of the consumer

Income of the consumer should not changed

None of the three

A bridge will be a

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Private good

Capital goods

Consumer good

Personal good

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

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20

3

20/3

Indeterminate

A statement of how one variable affects other variable is

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a quadrant

a variable

an assumption

a functional relationship

Total utility is maximised when.

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Marginal utility is zero

Marginal utility falls

Marginal utility rises

Non of the above

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.

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

How many kinds of equations?

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4

3

2

5

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

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

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

Who introduced indifference curves to explain consumer's beghavior

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J.R Hicks

Marshall

Robbins

Adam Smith

This is a tool in economic studies

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market

price

firm

functional relation

The maintain social status in life, a person requires.

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Bare necessities of life

Comforts of life

Luxuries of life

All of them

How many kinds of data?

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2

3

4

5

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

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

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