Quiz
ECONOMICS 200 WEB QUIZ #1 CONSUMER THEORY – THE BASICS
Questions in this quiz (3)
1The assumption that preferences are complete requires the consumer
- Ato rank any two baskets
- Bto say that basket C is preferred to basket A if basket B is preferred to basket A and basket C is preferred to basket B
- Cto rank a basket with more units of all goods higher than a basket with fewer units of all goods
- Dto have a diminishing marginal rate of substitution
2Irena likes Rajiv twice as much as she likes Royston. This is an example of
- Aordinal preferences
- Bcardinal preferences
- Ctransitivity
- Ddiminishing marginal utility
3Identify the truthfulness of the following statements. I. Ordinal utility gives us information about which basket the consumer prefers and quantitative information about the intensity of the preference. II. Cardinal utility gives us information about which basket the consumer prefers but not about the intensity of those preferences.
- ABoth I and II are true
- BBoth I and II are false
- CI is true; II is false
- DI is false; II is true
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- Description
- ECONOMICS 200 WEB QUIZ #1 CONSUMER THEORY – THE BASICS
- Author
- pavandeep9
- Language
- English
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- History
- Created on 6 Jul 2015 · updated on 24 Mar 2016
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