Bill Gates is the world's second richest person whose net worth is estimated at 54 billion. The idea that Bill Gates marginal utility for his 54 billionth dollar is less than someone else's 1000th dollar is the
A) Utilitarian principle.
B) Big Tradeoff principle.
C) Make the Poorest as Well Off as Possible principle.
D) Equity principle.
Question 2
Most of us are dependent on crude oil in some shape or way, whether it's to power our cars or to heat our homes in some parts of the country. More than 80 percent of the home heating oil used in the United States goes to the Northeast.
It is suggested that there needs to be government regulation to make it illegal to charge a very high price for oil. This type of regulation would be a ________. A) price ceiling
B) price floor
C) shortage regulation
D) tax incidence
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