State whether each of the policy recommendations is an example of a modern economist’s precepts or a traditional economist’s precepts.

a. More goods are preferred to fewer goods.

b. Banks ought to be required to get approval for new financial instruments.

c. Firms can decide what information to put on food labels because consumers will demand that relevant information be listed.

d. Utility companies ought to provide consumers a chart comparing their electricity usage with the average in their neighborhood.