The Following Information Is for Four Highway Programs of Increasing

question 87

Multiple Choice

The following information is for four highway programs of increasing scope.All figures are in millions of dollars.On the basis of the data we can say that:

• A) Program D is the most efficient on economic grounds.
• B) Program C is the most efficient on economic grounds.
• C) Program B is the most efficient on economic grounds.
• D) Program A is the most efficient on economic grounds.

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Definitions:

Train Tickets

Tickets that grant the holder the right to travel on a train service, typically specifying the journey details.

Diminishing Marginal Utility

Diminishing Marginal Utility is an economic concept stating that as a person consumes more of a good or service, the satisfaction (utility) gained from consuming each additional unit decreases.

Total Utility

The total satisfaction or benefit that a person receives from consuming a given total quantity of a good or service.

Budget Constraint

The limitations on the consumption bundles that a consumer can afford with a limited budget at given prices.