Utility refers to the:
a. relationship of demand to the supply of a product.
b. satisfaction a consumer experiences after a good or service is purchased.
c. satisfaction a consumer expects to receive from a good or service.
d. ability of a good or a service to have value in the marketplace.
e. usefulness of the product consumed.
c
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Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
For Adam Smith, commercial society is characterized by
A) private property rights. B) specialization in production. C) voluntary exchange. D) all of the above.
During World War II, whenever interest rates would ________ and the price of bonds would begin to ________, the Fed would make open market purchases
A) rise; rise B) rise; fall C) fall; rise D) fall; fall
Most people buy insurance because they
a. are risk lovers b. enjoy the gamble c. are risk neutral d. want to avoid gambles