Utility is determined by an individual's
a. income
b. price
c. relative price
d. profit
e. tastes and preferences
E
You might also like to view...
Human capital includes the machinery, equipment, and other manufactured creations used to produce goods and services
a. True b. False Indicate whether the statement is true or false
Policy makers may not know that the economy is in a recession until six months after the recession starts; this phenomenon is known as the _____
a. implementation lag b. policy coordination problem c. decision-making lag d. recognition lag e. effectiveness lag
It is common knowledge that many U.S. national parks have become overused. One possible solution to this problem is to
a. increase entrance fees. b. increase advertising for the national parks. c. reduce the national park service budget. d. subsidize park admissions. e. all of these are possible solutions.
It is appropriate to use the supply-and-demand model in which of the following markets?
A) beer market B) car market C) wheat market D) market for breakfast cereal