The Additional Utility or Satisfaction That One Derives from Consuming

question 85

Multiple Choice

The additional utility or satisfaction that one derives from consuming one more unit of any good or service is referred to as

• A) total utility.
• B) diminishing utility.
• C) average utility.
• D) marginal utility.

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Definitions:

Government Purchases

Expenditures by government entities on goods and services that directly absorb resources and are part of the nation's gross domestic product (GDP).

Discretionary Fiscal Policy

Government policy involving deliberate measures, such as taxation and spending, to influence economic activity.

Economic Forecasts

Predictions about future economic activity based on current and historical data analysis, including trends in GDP, inflation, and employment.

Budget Document

A detailed financial statement presented by the government outlining its revenue and expenditure for a specific fiscal period.