Utility of a product is:
a) The value of a product.
b) The contribution that a good or service makes to society.
c) The satisfaction that a consumer obtains from a good or service.
d) Any characteristic of a good or service that cannot be measured.
Answer: c) The satisfaction that a consumer obtains from a good or service.
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Gross domestic product (GDP) is the ________ in a given time period
A) value of personal consumption expenditures, gross private domestic investment, and federal government expenditures B) sum of wage and salary compensation of employees and corporate profits C) value of all final and intermediate goods and services produced by the economy excluding those goods exported to foreign nations D) market value of final goods and services produced by the economy
A particular cable TV company requires a household to subscribe to its high-speed Internet service if it subscribes to cable TV, and vice versa. This practice
a. is referred to as tying. b. is regarded by some economists as a form of price discrimination. c. is controversial among economists because they disagree on whether it has adverse effects for society as a whole. d. All of the above are correct.
A laissez faire policy approach during a recession would advocate
A. Increasing AS by funding programs that improve worker skills. B. Increasing AD by increasing government spending. C. Noninterference by the government. D. Increasing both AD and AS.
??Firm 2???High PriceLow PriceFirm 1High PriceFirm 1 earns $100; Firm 2 earns $100Firm 1 earns $25; Firm 2 earns $150?Low PriceFirm 1 earns $150; Firm 2 earns $25Firm 1 earns $50; Firm 2 earns $50Table 12.2In the game shown in Table 12.2, when the firms choose their dominant strategies:
A. profits are lower than when the firms choose the strategy that is not the dominant strategy. B. the firms will make the highest profit. C. the firms will have an incentive to choose the other strategy in the next round. D. it is evidence that the firms are implicitly or explicitly fixing prices.