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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

ECONOMICS 200 WEB QUIZ #1 CONSUMER THEORY – THE BASICS

Questão 1 de 3

1

The assumption that preferences are complete requires the consumer

Selecione uma das seguintes:

  • 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

Explicação

Questão 2 de 3

1

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

Selecione uma das seguintes:

  • ordinal preferences

  • cardinal preferences

  • transitivity

  • diminishing marginal utility

Explicação

Questão 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.

Selecione uma das seguintes:

  • Both I and II are true

  • Both I and II are false

  • I is true; II is false

  • I is false; II is true

Explicação

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