Ordinal approach to consumers behavior is presented by ———— economist:
A) Modern B) Classical C) Neo-classical D) A & C
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When price falls then marginal utility of money:
A) Decreases B) Varies C) Increases D) Remains constant
When total utility increases at decreasing rate, marginal utility:
A) Increases B) Decreases C) Remains constant D) Variable
Total utility increases at ________ rate:
A) Increasing B) Decreasing C) Constant D) All of these
According to cardinal approach of consumers behavior, consumer is:
A) Constant B) Increasing C) Decreasing D) None of these
The theory of choice is about:
A) Cost of production B) Labor C) Preference of people D) …
David Ricardo coined the concept of:
A) General science B) Partial pressure C) Diminishing returns D) All of these
Who was Adam Smith?
A) Sociologist B) Politician C) Political economist D) All of …
The concept of invisible hand coined by whom?
A) Arch Bold B) Alfred Marshall C) Adam Smith D) None of …
Who is the author of the book The Wealth of Nations?
A) Alfred Marshall B) Adam Smith C) August Comtey D) None of these