The Following Question Are Based on the Following Information About

question 37

Multiple Choice

The following question are based on the following information about a hypothetical economy:

-GDP is ________ billion.

• A) $1,240
• B) $1,250
• C) $1,340
• D) $1,640
• E) $2,590

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Definitions:

Revenue Potential

The maximum amount of income that could be generated from a particular market or product, under ideal conditions.

Utility

A measure of satisfaction or happiness that a person derives from consuming goods and services.

Marginal Utility

The additional satisfaction or utility a consumer receives from consuming one more unit of a good or service.

Maximize Utility

The process or goal of obtaining the highest level of satisfaction or benefit from consuming goods and services, given a consumer's limitations, such as income or resources.