Question : Who has given ordinal utility theory?
Option 1: Alfred Marshall
Option 2: AC Pigou
Option 3: Hicks and Allen
Option 4: David Ricardo
Correct Answer: Hicks and Allen
Solution : The ordinal approach to utility analysis was introduced by Hicks and Allen. The term "neo-classical economists" refers to them. According to ordinal theory, utility can only be ranked or ordered; it cannot be quantified in numerical terms. Hicks and Allen were British economists who collaborated with each other to develop the theory of ordinal utility in 1934. The theory describes that the consumer derives utility as high or low when they take rational decisions while purchasing a commodity. This approach of ordinal utility established the concept of indifference curve analysis.
Question : Who has propounded the law of diminishing marginal utility?
Option 1: Marshall
Option 3: Gossen
Option 4: Hicks and Allen
Question : Who has been coined the term “utility”?
Option 1: Pigou
Option 2: Marshall
Option 3: Hicks and allen
Option 4: Robbins
Question : Who originated the fundamental cardinal concept of utility?
Option 1: Robbins
Option 2: Pal a Samuelson
Option 4: Alfred Marshall
Question : Who propounded the Innovation theory of profits ?
Option 1: J .A. Schumpeter
Option 2: P .A. Samuelson
Option 3: Alfred Marshall
Question : The Liquidity Preference Theory of Interest was propounded by :
Option 1: J. M. Keynes
Option 2: David Ricardo
Option 4: Adam Smith
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