Strictly speaking, interpersonal comparisons of utility
a. are valid and irrefutable when exercised by government
b. may seem to be reasonable, but are nonetheless indefensible
c. are more valid when applied to people of the same ethnic origins than of the same income class
d. are defensible because we assume people are rational
e. are indefensible because we assume people are rational
B
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Liz's marginal utility for two different goods is determined by
A) her average utility for the two goods. B) how much benefit she gets from another unit of each of those goods. C) summing her total utility from consumption of each good and then dividing by two. D) All of the above answers are correct.
The monopolist, unlike the perfectly competitive firm, can continue to earn an economic profit in the long run because of:
a. collusive agreements with competitors. b. price leadership. c. cartels. d. a dominant firm. e. extremely high barriers to entry.
It is claimed that a secondary advantage of mutual funds is that
a. an investor can avoid investment charges and fees. b. they give ordinary people access to loanable funds for investing. c. they usually outperform stock market indexes. d. they give ordinary people access to the skills of professional money managers.
If Gerry saves $500 per month, then Gerry's ________ will increase by ________.
A. income; $500 only if he buys additional assets B. wealth; $500 only if he has no debt C. wealth; $500 only if he buys additional assets D. wealth; $500