Bill Gates is the world's second richest person whose net worth is estimated at $54 billion. The idea that Bill Gates marginal utility for his 54 billionth dollar is less than someone else's 1000th dollar is the
A) "Utilitarian" principle.
B) "Big Tradeoff" principle.
C) "Make the Poorest as Well Off as Possible" principle.
D) "Equity" principle.
A
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Supply-side economists believe that changes in government purchases affect
a. only aggregate demand. b. only aggregate supply. c. both aggregate demand and aggregate supply. d. neither aggregate demand nor aggregate supply.
Price floors are used as a method to:
A. ensure buyers that goods won't be cheaper tomorrow. B. see that production levels don't fall too low. C. guarantee there will be enough food for everyone. D. ensure sellers a minimum price for their goods.
Suppose Botswana doubles its income in 6 years while South Africa doubles its income in 9 years. According to the rule of 72, the growth rate in Botswana is:
A. 3 percentage points higher than the growth rate in South Africa. B. 4 percentage points higher than the growth rate in South Africa. C. 12 percentage points higher than the growth rate in South Africa. D. 8 percentage points higher than the growth rate in South Africa.
If Crystal gets 140 utils from eating one yogurt, 145 utils from eating two yogurts, and 148 utils from eating three yogurts, then Crystal's total utility is:
A. increasing. B. decreasing. C. decreasing at decreasing rate. D. constant.