Consumer theory Quizz

Utility is

• Objective

• Subjective

• Both a and b

• None of the above

The shape of an indifference curve is normally

• Convex to the origin

• Concave to the origin

• Horizontal

• Vertical

The consumption bundles that are available to the consumer depends on

• Colour and shape

• Price and income

• Income and quality

• Land of the above

The equation of budget line is

• PX+P1x1=M

• M=PoXo+Px

• P1x1+P2x2=M

• Y=MX+C

The demand for these goods increases as income increases

• Inferior goods

• Giffen goods

• Normal goods

• None of the above

A vertical demand curve is

• Perfectly elastic

• Perfectly inelastic

• Unitary elastic

• None of the above

Ordinal utility analysis expresses utility in

• Numbers

• Returns

• Ranks

• Awards

What satisfying capacity of a commodity is-----------

Tu Indifference curves never---------- each other

As income increases the demand curve for normal goods shift towards------