I.Com Part 1 Principles of Economics Chapter 2 Consumer's Demand Theory Short Question Preparation


11th Class Principles of Economics
Chapter 2 Consumer's Demand Theory Preparation

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11th Class Principles of Economics Chapter Wise Preparation

Online Short Questions For Chapter 2 "ICOM Part 1 Economics English Medium Chapter 2 Short Questions Preparation "

Try The Short Questions For ICOM Part 1 Economics English Medium Chapter 2 Short Questions Preparation

  • Total Questions10

  • Available Sets3

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Principles of Economics ( English Medium) - ICOM Part 1 Economics English Medium Chapter 2 Short Questions Preparation

Question # 1

Write four points of practical importance of LDMU ?

  • Ans 1: 1. Guidance for consumers
    2. Guidance for taxation
    3. Basis of law of equi-marginal utility.
    4. Basis of law of demand.
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Prepare Complete Set Wise Questions For Chapter 2 "ICOM Part 1 Economics English Medium Chapter 2 Short Questions Preparation "

ICOM Part 1 Economics English Medium Chapter 2 Short Questions Preparation - Set 1

Question # 1

Write four points of practical importance of LDMU ?

  • Ans 1: 1. Guidance for consumers
    2. Guidance for taxation
    3. Basis of law of equi-marginal utility.
    4. Basis of law of demand.
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ICOM Part 1 Economics English Medium Chapter 2 Short Questions Preparation - Set 2

Question # 1

Define utility.

  • Ans 1: The power of a good or service which can satisfy human want is called utility. Hence utility mean the satisfaction, which a person derives from the consumption of any commodity. For example a person is thirsty and wants to drink water. it means water has utility for him.
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ICOM Part 1 Economics English Medium Chapter 2 Short Questions Preparation - Set 3

Question # 1

Describe different kinds of economic wants.

  • Ans 1: There are three kinds of economic wants.
    1. Needs:
    Those human wants which are necessary to maintain basic necessitates of life, for example food, cloth, house etc.
    2. Comforts:
    Those human wants which make our life easier or improve human efficiency in work, for example mobile phone, motor bike, fan etc.
    3. Luxuries:
    Those human wants which provide luxury life for human beings or people have enough money to spend on those goods. For example Ferrari cars, lap top, diamonds etc.
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11th Class Principles of Economics Chapter 2 Preparation

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