Economics - Practice Test | ExamPrepSheets

(A) Utility theory

(B) Indifference curve analysis

(C) Revealed preference

(D) Inferior good

(A) Utility theory

(A) the satisfaction obtained from its purchase

(B) the sewing-machine he had to do without

(C) the scarcity value of the radio in money terms

(D) the average cost of both commodities

(B) the sewing-machine he had to do without

(A) that maximum satisfaction is obtained at minimum sacrifice

(B) that the consumer is in static and unsatisfactory position

(C) that all consumers reach the highest indifference curve

(D) that equilibrium of buyers matches with the equilibrium of sellers

(A) that maximum satisfaction is obtained at minimum sacrifice

(A) Pay for one unit of the good measured along the Y-axis

(B) Given up one unit of the good measured along the Y-axis for three units of the good measured along the X-axis

(C) Given up three units of the good measured along the Y-axis for one unit of income, i.e., Rs. 1 of income

(D) Given up three units of the good measured along the Y-axis for one unit of the good measured along the X-axis

(D) Given up three units of the good measured along the Y-axis for one unit of the good measured along the X-axis

(A) Is equal to that portion of the long-run marginal cost curve that is above the relevant short-run average variable cost curve

(B) Is equal to that portion of the long-run marginal cost curve that is above the relevant short-run average total cost curve

(C) Is equal to that portion of the long-run average total cost curve that is above the relevant short-run average variable cost curve

(D) None of the above

(B) Is equal to that portion of the long-run marginal cost curve that is above the relevant short-run average total cost curve

Economics - Study Mode