GK-Economics MCQ Questions and Answers

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Q31
Which of the following is the second law of Gossen ?
  • A Law of equi-marginal utility
  • B Law of equi-product
  • C Theory of indifference curve
  • D Law of diminishing marginal utility
Answer: Option A
Q32
Total utility of a commodity is measured by which price of that commodity ?
  • A Value in use
  • B Value in exchange
  • C Both of above
  • D None of above
Answer: Option A
Q33
According to Marshall, the basis of consumer surplus is-
  • A Law of diminishing marginal utility
  • B Law of equi-marginal utility
  • C Law of proportions
  • D All of the above
Answer: Option A

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