If Allison's marginal utility of her 100th dollar of income is greater than Brad's marginal utility of his 10th dollar, then we can conclude:
A. money means more to Allison.
B. money means more to Brad.
C. Brad is richer than Allison.
D. nothing, since we can't make interpersonal utility comparisons.
Answer: D
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Refer to Table 4-7. If a minimum wage of $12.50 an hour is mandated, what is the quantity of labor supplied?
A) 80,000 B) 550,000 C) 630,000 D) 1,180,000
Commodity money can best be described as
A) money used to purchase agricultural products B) a good used as money that also has value independent of its use as money C) standardized goods like gold that trade in a financial market D) the form of money used in a barter system
Suppose a tax is implemented to fund low-income housing. Which principle of taxation is most appropriate as a guide to evaluating the tax?
a. the benefit principle b. the ability-to-pay principle c. a combination of the benefit principle and the ability-to-pay principle d. the mobility principle
Identify markets in which there is an exchange.
What will be an ideal response?