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

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Economics Ics Part 1 English Medium Chapter 3 Online Test

Sr. # Questions Answers Choice
1 One of the following will not be an assumption of the law of diminishing marginal utility. Nature of the product should not changed Mental condition of the consumer Income of the consumer should not changed None of the three
2 The talent of a professor is . National wealth International wealth Personal wealth Non of them
3 A bridge will be a Private good Capital goods Consumer good Personal good
4
When marginal utility of a product is zero its total utility will be.
 Increase Decreasing Maximum Constant
5 Who introduced indifference curves to explain consumer's beghavior J.R Hicks Marshall Robbins Adam Smith
6 A contour line which slopes downward from left to right and yield equal level of satisfaction to consumer with the given income is. Negatively slop curve An indifference curve Positively sloped Curve None of the above
7 One of the following is not an exception to the law of diminishing marginal utility . Money Knowledge Music Non of them
8 The utility of an additional unit of a product is Law of demand Law of substitution Law of supply Law of diminishing marginal utility
9 Law of equi marginal utility provides basis for. Equal distribution of wealth Economy in taxation Law of diminishing returns Law of constant returns
10 Initial utility of a product is : Highest Lowest Conatant None of them
11 Law of diminishing marginal utility provides basis for: Law of demand Law of supply Laws of returns Law of variable proportions
12 Marginal utility of a product is the utility obtained by consuming. First unit of consummption Each additional unit of consumption Last unit of consumption None of the them
13 The maintain social status in life, a person requires. Bare necessities of life Comforts of life Luxuries of life All of them
14 The first law of consumption was presented by. Robert Malthus Loinel Robbins Alfred Marshall Pareto
15 Law of equimarginal utility is also called. Law of substitution Law of maximum social benefits Law of economy Law of maximum satisfaction
16 According to law of equi-marginal utility a consumer will maximises his total utility when 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.
17 Total utility is maximised when. Marginal utility is zero Marginal utility falls Marginal utility rises Non of the above
18 According to law of diminishing marginal utilities , a consumer maximises his total utility where. MU<sub>a</sub> = MP<sub>a</sub> MU<sub>a</sub> = AU<sub>a</sub> MU<sub>a</sub> = TC<sub>a</sub> MU<sub>a</sub> = P<sub>a</sub>
19 ______ is a science which is concerned with the collection, presentation, and interpretation of numerical data Statistics Economics analysis Function None of these
20 How many kinds of Function 2 3 4 5
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