11th Principles of Economics MCQS
Which economist stated that utility is not measurable
Hicks
Adam Smith
Marshall
Cannon
Which law is applied when marginal utilities of all the purchased goods become equal to each other
Law of equi marginal utility
Law of diminishing marginal utility
Law of demand
Law of increasing return
After achieving point of Satiation the total utility starts
Remains constant
None of these
Declining
Rising
Utility attained by all the units of a commodity consumed
Positive utility
Total utility
Marginal utility
Negative utility
Objective of a rational consumer is
To save maximum amount from his limited income
Best choice from existing economic goods
To buy goods at minimum price
To attain maximum utility from the spent amount
Other things remaining the same, marginal utility of a commodity diminishes with its continuous consumption. This law is called
Law of demand
Law of decreasing return
Law of diminishing marginal utility
Law of equi marginal utility
Concept of law of diminishing marginal utility was presented by professor
Robbins
Marshall
Pigou
Keynes
Guides finance minister for levying tax on the income of the people
Law of demand
Law of equi marginal utility
Law of supply
Law of diminishing marginal utility
In mathematics, symbol for utility is used
M
U
X
Y
When marginal utility is negative, then total utility
Decreases
Becomes negative
Increases
Does not change
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