Economics MCQS with Answers 1st Year Chapter 2

Power of a product which can satisfy human want is.

Utility

Average utility

Total utility

Marginal utility

When marginal is negative, it must be true that

the total is decreasing

the total is negative

the average is decreasing

the average is negative

A product which has value price in the market has.

Scarcity

Transferability

All the three

Utility

If a person consumes goods X and Y maximises total utility, then MU per rupee from the two goods must be

decreasing

equal

unequal

increasing

In economics, one or more persons sharing common consumer budget is called

household

social group

consumer union

organisation

Utility and usefulness are

unrelated

opposite

different

equal

Law of Equi marginal utlility is a low of

production of wealth

distribution of wealth

consumption of wealth

exchange of wealth