Economics MCQS with Answers 1st Year Chapter 3

To measure changes in purchasing power of money, we use

percentages

index numbers

variables

averages

According to law of diminishing marginal utilities , a consumer maximises his total utility where.

MU_a = P_a

MU_a = MP_a

MU_a = AU_a

MU_a = TC_a

How many Kinds of variables?

There are 4 kinds of variables

There are 2 kinds of variables

There are 3 kinds of variables

There are many kinds of variables

The talent of a professor is .

International wealth

Personal wealth

National wealth

Non of them

One of the following is not an exception to the law of diminishing marginal utility .

Money

Knowledge

Music

Non of them

Constant are represented by symbol

C

V

U

P

A statement of how one variable affects other variable is

a variable

a quadrant

an assumption

a functional relationship

The utility of an additional unit of a product is

Law of diminishing marginal utility

Law of demand

Law of supply

Law of substitution

One of the following will not be an assumption of the law of diminishing marginal utility.

Income of the consumer should not changed

Mental condition of the consumer

None of the three

Nature of the product should not changed

3x²=0 is an equation

quadratic

general

first degree

linear