One of the assumptions of the cardinal approach is
Diminishing marginal rate of substitution
The consistency and transitivity of choice
That total utility depends on the quantity of the commodities consumed
Unstable marginal utility of money
Correct answer is C
According to the Cardinalist school, the utility/satisfaction which is derived from the consumption of a good is a function of the quantity of that good alone.
What is the growth rate of employment?
18%
10%
6.7%
5.7%
4.1%
Correct answer is A
No explanation has been provided for this answer.
66.7
0.5
1.5
2.0
Correct answer is D
Change in price = 120- 80 = 40
Change in quantity = 500 - 300 = 200
% change = 40/100 = 0.4
200/100 = 2
0.4/2 = 0.2
An increase in the price of a commodity will result in
A decrease in the quantity demanded
An increase in demand
An increase in quantity demanded
A decrease in demand
Correct answer is A
According to the law of demand, a rise in price will cause a decrease in the quantity demanded and vice versa.
What is the growth rate of GNP?
18%
10%
6.7%
4.1%
Correct answer is A
No explanation has been provided for this answer.
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