Microeconomics-Theory of Consumer Behaviour [GATE (Graduate Aptitude Test in Engineering) Economics]: Questions 1 - 4 of 89

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Question 1

Theory of Consumer Behaviour
Cardinal Approach and Ordinal Approach

Appeared in Year: 2014 (UGC NET)

Question

MCQ▾

Who distinguished between value in use and value in exchange and gave the famous example of diamonds and water? (June)

Choices

Choice (4)Response

a.

Alfred Marshall

b.

David Ricardo

c.

Karl Marx

d.

Question 2

Theory of Consumer Behaviour
Cardinal Approach and Ordinal Approach

Appeared in Year: 2013 (UGC NET)

Question

Assertion-Reason▾

Assertion(Ꭺ)

Consumer Surplus is the difference between the potential price and actual price. (Dec)

Reason(Ꭱ)

There exists an inverse relationship between the price and consumer surplus.

Choices

Choice (4)Response

a.

Ꭺ is false but Ꭱ is true

b.

Both Ꭺ and Ꭱ are false

c.

Ꭺ is true but Ꭱ is false

d.

Both Ꭺ and Ꭱ are true and Ꭱ is the correct explanation of Ꭺ

Question 3

Theory of Consumer Behaviour
Marshallian and Hicksian Demand Functions

Appeared in Year: 2013 (UGC NET)

Question

MCQ▾

Which of the following is true?

1. Indifference curves slope downward from left to right.
2. Indifference curves slope downward from right to left.
3. Indifference curves are convex to the point of origin of the two axes.
4. Indifference curves never intersect each other. (Dec)

Choices

Choice (4)Response

a.

1,2 and 3 are true.

b.

1,3 and 4 are true.

c.

1 and 4 are true.

d.

2,3 and 4 are true.

Question 4

Theory of Consumer Behaviour
Cardinal Approach and Ordinal Approach

Appeared in Year: 2017 (UGC NET)

Question

MCQ▾

Where symbols have their usual meaning, at which price, the elasticity of demand would be unity?

Choices

Choice (4)Response

a.

10

b.

20

c.

5

d.

All a., b. and c. are correct

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