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ECONOMICS 200 WEB QUIZ #1 CONSUMER THEORY – THE BASICS

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ECONOMICS 200 WEB QUIZ #1 CONSUMER THEORY – THE BASICS

Frage 1 von 3

1

The assumption that preferences are complete requires the consumer

Wähle eine der folgenden:

  • to rank any two baskets

  • 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

  • to rank a basket with more units of all goods higher than a basket with fewer units of all goods

  • to have a diminishing marginal rate of substitution

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Frage 2 von 3

1

Irena likes Rajiv twice as much as she likes Royston. This is an example of

Wähle eine der folgenden:

  • ordinal preferences

  • cardinal preferences

  • transitivity

  • diminishing marginal utility

Erklärung

Frage 3 von 3

1

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.

Wähle eine der folgenden:

  • Both I and II are true

  • Both I and II are false

  • I is true; II is false

  • I is false; II is true

Erklärung

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