# Economics MCQS with Answers 1st Year Chapter 3

#### Economics MCQS with Answers 1st Year

Law of equimarginal utility is also called.
Law of maximum social benefits
Law of maximum satisfaction
Law of substitution
Law of economy

Variable are represented by symbol
P
U
C
V

______ is a science which is concerned with the collection, presentation, and interpretation of numerical data
Statistics
None of these
Function
Economics analysis

Law of diminishing marginal utility provides basis for:
Law of demand
Law of variable proportions
Laws of returns
Law of supply

Law of equi marginal utility provides basis for.
Law of diminishing returns
Economy in taxation
Law of constant returns
Equal distribution of wealth

A contour line which slopes downward from left to right and yield equal level of satisfaction to consumer with the given income is.
An indifference curve
Positively sloped Curve
None of the above
Negatively slop curve

Total utility is maximised when.
Marginal utility rises
Marginal utility is zero
Non of the above
Marginal utility falls

A variable is a symbol which, during a discussion, may assume different values or a set of admissible values. This is the definition of
Prof. Kooros
Prof. Marshall
Prof. Rabbins
Prof. Kneez

The first law of consumption was presented by.
Loinel Robbins
Pareto
Robert Malthus
Alfred Marshall

if X and Y scales are the same a line making 45-degree angle with X-axis has slope
1
4-Jan
constant
2-Jan

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