What Is the Strongest Argument for Why We Need More

question 16

Multiple Choice

What is the strongest argument for why we need more economists today than ever before?

• A) We have a need for more wealth given the higher standard of living that individuals demand.
• B) Economists are needed to address the allocation of scarce resources as a result of the world's growing population.
• C) Economists are needed to make sure that firms continue to make profits.
• D) Economists are needed to make sure that consumers are well informed about their possible purchase options and that they budget their finances appropriately.
• E) Economists are needed to make sure that the government doesn't involve itself too much in the economy.

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Definitions:

MU ᵦ/P ᵦ Ratio

Represents the marginal utility of good B (MUᵦ) divided by its price (Pᵦ), used in consumer theory to analyze optimal consumption points.

TP or MP Curves

Total Product (TP) and Marginal Product (MP) curves are graphical representations in economics that illustrate the total output produced and the additional output from employing one more unit of a resource, respectively.

MR Curve

The marginal revenue curve, which shows how a firm's revenue changes with each additional unit sold.

Marginal Utility

The supplementary enjoyment or value derived from the use of one more unit of a good or service.