A National Vote Initiated by the Government on a Particular

question 22

Multiple Choice

A national vote initiated by the government on a particular policy issue is commonly known as a

• A)plebiscite.
• B)referendum.
• C)ballot initiative.
• D)mass ballot.

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Definitions:

Marginal Utility

The boost in satisfaction or usefulness experienced from consuming another unit of a product or service.

Utility Maximizing

The principle that individuals or firms seek to achieve the highest level of satisfaction or benefit from their choices with the resources available.

Utility Maximizes

Refers to the economic principle that individuals or firms seek to obtain the greatest satisfaction from their actions, with the objective of maximizing benefits while minimizing costs.

Indifference Curve

A graphical representation showing different combinations of goods among which a consumer is indifferent.