JAMB Economics 2020 Objective — Question 11
Question 11 of 50 from the Joint Admissions and Matriculation Board (JAMB) Economics 2020 Objective paper, with the correct answer and a full explanation.
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One of the assumptions of the cardinalist approach is
- A. diminishing marginal rate of substitution
- B. the consistence and transitivity of choice
- C. the total utility depends on the quantity of the commodities consumedCorrect
- D. constant marginal utility of money
Explanation
Cardinalists assume that total utility depends on the quantity of the commodity consumed and that utility can be measured.
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