What was the problem with his measure of utility

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Reference no: EM131004627

1. Economicsts first proposed measuring utility with a unit of measure termed a util. What was the problem with his measure of utility?

a. it differs from different people b. it is hard to count c. it is already counted with another measure d. it is undifined

2. The fact that as we consume more of good we enjoy each subsquent unit less (1st hot wing vs. hot wing) is an example of what theory?

a. law of inevitability b. factus Gastroenteritus c. law of dimiinishing marginal utility d. Fallacy of coposition

3. An example of a nation that is a socialism based economy is

a. cuba b. hong kong c. The united states d. Denmark

Reference no: EM131004627

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