Economics 12E - Arnold - TB_130

Economics 12E - Arnold - TB_130 - person derives from $100...

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person derives from $100. b. The marginal utility a millionaire derives from the one-millionth dollar is less than the marginal utility a poor person derives from the one-hundredth dollar. c. For both the millionaire and the pauper, the marginal utility they derive from the one-thousandth dollar is less than the marginal utility they derive from the five-hundredth dollar. d. None of the above, because all rely on interpersonal utility comparisons. ANSWER: c POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic LOCAL STANDARDS: United States - OH - Default City - DISC: Utility and consumer choic - DISC: Utility and consumer choice KEYWORDS: Bloom's: Application 101. Jack receives 30 utils from one apple, 45 utils from two apples, and 55 utils from three apples. It follows that the marginal utility of the third apple is __________ utils and that Jack's __________utility rises as his __________ declines. a. 55; marginal; total b. 10; total; marginal c. 130; total; marginal d. 100; marginal; total e. none of the above ANSWER: b POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic LOCAL STANDARDS: United States - OH - Default City - DISC: Utility and consumer choic - DISC: Utility and consumer choice KEYWORDS: Bloom's: Application 102. If the rate of increase of total utility declines as the quantity consumed of a good increases, it follows that marginal utility must be
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POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic LOCAL STANDARDS: United States - OH - Default City - DISC: Utility and consumer choic - DISC: Utility and consumer choice KEYWORDS: Bloom's: Comprehension
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