Which of the following is true of units of utility?
a. Each unit is worth $1.
b. They cannot be compared across consumers.
c. They apply to goods but not to services.
d. They do not exist for very wealthy individuals.
e. They are negative for inferior goods.
B
You might also like to view...
According to the text, the Fed and other policy makers are concerned about:
A. inflation rates that are too high only. B. inflation rates that are either too high or too low compared to its set target. C. inflations rates that are too low only. D. annual inflations rates that exceed 10%.
If the price level and the money wage rate rise by the same percentage, what happens to the quantity of real GDP supplied? Along which aggregate supply curve does the economy move?
What will be an ideal response?
Referring to the graph above, assume that, at first, the labor market is in equilibrium at point 4. In which scenario does unemployment rise, with no change in the quantity of employment?
A) real wage rises to the level of points 1 and 2 B) supply shifts to pass through point 5, with no change in the real wage C) demand shifts to pass through point 3, with no change in the real wage D) supply shifts to pass through point 3, with no change in the real wage
Railroad competition was the primary cause of canal failures
Indicate whether the statement is true or false