3033199
Description
Quiz by pavandeep9, updated more than 1 year ago
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Created by pavandeep9
almost 9 years ago
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Question 1
Question
The assumption that preferences are complete requires the consumer
Answer
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to rank any two baskets
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to 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
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to rank a basket with more units of all goods higher than a basket with fewer units of all goods
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to have a diminishing marginal rate of substitution
Question 2
Question
Irena likes Rajiv twice as much as she likes Royston. This is an example of
Answer
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ordinal preferences
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cardinal preferences
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transitivity
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diminishing marginal utility
Question 3
Question
Identify 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.
Answer
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Both I and II are true
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Both I and II are false
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I is true; II is false
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I is false; II is true
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