Economics MCQS with Answers 1st Year Chapter 2

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Economics MCQS with Answers 1st Year


Utility is most closely related to the term
useful
necessary
useless
satisfaction

The quality of commodity that satisfies some human want or need is called
demand
utility
service
efficiency

The goods used to produce income or wealth are.,
Consumer goods
Manufactured goods
Merit goods
Capital goods

Economic wants.
Social goods
Can unlimited
Public goods
Capital goods

Indifference curves are convex to the origin because
two goods are perfect substitutes
two goods are perfect complementary goods
two goods are imperfect substitutes
goods area jointly demanded

MU curve
falls left to right
is always vertical
is always horizontal
rises left to right

Goods which can satisfy human wants are.
Consumer goods
Social goods
Capital goods
Public goods

Diminishing marginal utility is the basis of
none of the above
law of demand
law of supply
laws of returns

Law of substitution is another name for
law of equi-MU
law of demand
law of satisfaction
law of diminishing MU

Utility of a product depends upon
Form
Knowledge
All of them
Ownership

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