In this chapter we are told that people's tastes not only can differ but must differ. This is because
A. genetic programming makes it impossible for people to have the same preferences.
B. no two persons could have the same preferences.
C. people with differing tastes can profitably invade any population of similar tastes.
D. homogeneous populations become complacent and lose their vigilant qualities.
Answer: C
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Suppose the marginal utilities for the first three cans of soda are 100, 80 and 60, respectively. The total utility received from consuming 2 cans is
A) 20. B) 80. C) 90. D) 180.
Refer to the figure above. With the tariff, the quantity of imports falls to
A) 10,000 units. B) 12,000 units. C) 14,000 units. D) 22,000 units.
Cleaning an environment may lead to
a. less production. b. higher prices. c. lower incomes. d. all of the above.
An important characteristic of private goods is
A) the nonexclusion principle. B) the principle of rival consumption. C) the principle of joint consumption. D) the principle of conspicuous consumption.