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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

Pregunta 1 de 3

1

The assumption that preferences are complete requires the consumer

Selecciona una de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 2 de 3

1

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

Selecciona una de las siguientes respuestas posibles:

  • ordinal preferences

  • cardinal preferences

  • transitivity

  • diminishing marginal utility

Explicación

Pregunta 3 de 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.

Selecciona una de las siguientes respuestas posibles:

  • Both I and II are true

  • Both I and II are false

  • I is true; II is false

  • I is false; II is true

Explicación

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