Economics MCQS with Answers 1st Year Chapter 3

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Economics MCQS with Answers 1st Year
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Economics MCQS with Answers 1st Year

This is a tool in economic studies
functional relation

A ______ is something which is measurable and can take on different values
Both a and b
None of these

Which is the general form of quadratic equation
None of these
ax2+bx +c = 0
x2-x-20 = 0
x2– x -c =0

Who introduced indifference curves to explain consumer’s beghavior
J.R Hicks
Adam Smith

If we plot the equation y = 20 +3x, its slope is

The maintain social status in life, a person requires.
Comforts of life
All of them
Luxuries of life
Bare necessities of life

In mathematics which letters at the end of alphabet are used to represent variables

Initial utility of a product is :
None of them

The relationship between two variables that move in the same direction is called

According to law of equi-marginal utility a consumer will maximises his total utility when
He spends more on one and less on the other
He spends all his income on the product only
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.

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