Refer to the following graphs.
Americans nationwide have been complying with recycling regulations with unexpected zeal. The effect on the market for recycled paper is best shown by which graph?
A. I
B. II
C. III
D. IV
Answer: A
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Two countries engaged in trade in products with no scale economies, produced under conditions of perfect competition, are likely to be engaged in
A) inter-industry trade. B) monopolistic competition. C) intra-industry trade. D) Heckscher-Ohlin trade. E) oligopolistic competition
If inflation is the major problem in the economy, which of the following would be an appropriate monetary policy response?
a. decreasing government spending b. decreasing the discount rate c. decreasing reserve requirements d. none of the above
Modern economists measure how much utility Fred gets from a hot dog by
a. asking Fred how many utils he gets from its consumption. b. examining the price of the hamburger Fred chose not to buy. c. asking Fred how much of some other good he would give up to get the hot dog. The "other good" can be any good except money. d. asking Fred how much of some other good he would give up to get the hot dog. The "other good" can be any good, including money.
Why is it not sufficient to just compare the marginal utility of two goods when maximizing utility?
Please provide the best answer for the statement.