An old nursery rhyme tells us : Jack Sprat would eat no fat; his wife would eat no lean. This tells us that utility is: objective the same for everyone unchanging subjective
An old nursery rhyme tells us : Jack Sprat would eat no fat; his wife would eat no lean. This tells us that utility is: objective the same for everyone unchanging subjective
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:An old nursery rhyme tells us : Jack Sprat would eat no fat; his wife would eat no lean. This tells
us that utility is:
objective
the same for everyone
unchanging
subjective

Transcribed Image Text:Barb can produce 10 apples or 10 oranges on her farm, while Jim can produce 20 apples or 40
oranges. Is there a basis for trade?
yes, they have different opportunity costs of production
They should give up apples and oranges and grow kale
none of these
No. Jim produces more apples and oranges
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