Maximum
Minimum
Zero
One
A. Maximum
All consumers are alike
Incomes of all consumers is the same
Tastes of all consumers are the same
Consumers differ in taste, incomes and other matters
Guides most resource allocation decisions
Operates effectively only in the labor market
Operates effectively only in the market for capital
Is prevented from operating effectively
In ordinal approach we can separate the income effect from the substitution effect of a price change
In ordinal approach we can study the consumer behavior more closely
In ordinal approach the consumer is assumed more rational
In ordinal approach the consumer has more income
Increasing marginal utility
Decreasing marginal utility
Zero marginal utility
Negative marginal utility
Demand curve is more than supply curve
Supply curve is more than demand curve
Supply curve is equal to demand curve
None of the above
Made by agency
Not made by agency
Made by people
None of the above
Many goods
Few goods
Two goods
Three goods
David Ricardo
Adam Smith
James Mill
A.C.Pigou
A.C.Pigou
Alfred Marshal
J.M.Keynes
D.H.Robertson
Where the gap between the two is the smallest
Where the gap between the two is the greatest
Where the two become equal
None of the above
1756
1777
1776
1801
P.E = S.E + I.E
S.E = P.E +I.E
I.E = P.E +S.E
S.E = P.E +2I.E
Linearly homogeneous
Zero homogeneous
Infinite homogeneous
None of the above
Charges a high price
Produce more output
Increase economic efficiency
None of the above
Are downward sloping to the right
Show different input combination producing the same output
Intersect each other
Are convex to the origin
More elastic
Less elastic
Unit elastic
Zero elastic
Planned products curve
Planned material curve
Planned costs curve
Planned sales curve
Output
Input
Demand
Price
Total utility to fall and marginal utility to increase
Total utility and marginal utility both to increase
Total utility to fall and marginal utility to become negative
Total utility to become negative and marginal utility to fall
Hydraulic function
Cubic function
Pentagonic function
Quadratic function
Both parties make better-off
Both parties make worse-off
Both parties become Neutral
Both parties can become better off or worse off
Gunnar Myrdal
N.Kaldor
A.C.Pigou
J.K.Galbraith
Positive
Unitary
Negative
Infinite
Maximum
Minimum
Equal to one
Equal to zero
Technical relationship between inputs and output
Profitability production
Relation between MR and MC
Relation between AR and AC
Save as much of his income as possible
Spend as much of his income as possible
Buy everything at the lowest possible price
Make wise choices among available economic goods
Deviates from his strategy
Does not deviate from his strategy
Does not think in a good way
None of the above
Diminishes with increased consumption
Reflects the overall level of satisfaction of the consumer
Is directly related to the price the consumer is willing to pay for a good or service
Is independent of price changes
Monopoly
Perfect competition
Oligopoly
Imperfect competition