Because We Cannot Observe or Measure Utility

question 172

Multiple Choice

Because we cannot observe or measure utility

• A) the predictions of marginal utility theory cannot be verified.
• B) marginal utility theory is incomplete and so its predictions might not be valid.
• C) marginal utility theory must be derived from assumptions about demand curves because demand curves can be measured.
• D) None of the above answers are correct.

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Definitions:

Dartmouth V. Woodward

A landmark U.S. Supreme Court case in 1819 that affirmed the sanctity of contracts and contributed to the rise of corporations in America.

Corps of Discovery

The name given to the expedition led by Lewis and Clark from 1804 to 1806 by the United States to explore the newly acquired Louisiana Territory and the Pacific Northwest.

Californios

Residents of Spanish or Mexican heritage living in California before it became a part of the United States.

Empress of China

The title given to the female ruler of an empire in China or, historically, the first American ship to trade with China in 1784, marking the start of the China trade.