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3 D 32425-A

Hicks Allen indifference theory is based on :
(A) Weak ordering. (B) Strong ordering.
(C) Constant ordering. (D) Multiple ordering.
As per indifference curve analysis, consumer always try to reach :
(^) Higher indifference. (B) Lower indifference curve.
(C) Middle indifference curve. (D) Lower income price line.
According to Marshall, the law of diminishing marginal utility :
(A) Applies on money in the manner in which it applies on commodity.
(B) Do not applies on money except bank money.
(C) Does not applies on bank money but applies on cash.
(D) Applies on all commodities except money.
Engel curve for giffen good is :
(൧) Positively sloped. (B) Negatively sloped.
(C) Horizontal straight line. (D) Vertical straight line.
When total utility is increasing at an decreasing rate, marginal utility is :
(A) Constant. (B) Negative.
(C) Increasing. (D) Decreasing.
When price of a product falls, more of it is purchased because of :
(൧) The substitution effect.
(B) The income effect.
(C) Neither substitution effect nor income effect.
(D) Both the substitution and income effects.
Ordinal utility analysis was developed by :
(A) J.R. Hicks and R.J.D. Allen. (B) Samuelson.
(C) Marshall and Jevons. (D) Slutsky.

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