Utility is:
a. the cost associated with an additional unit of product.
b. the satisfaction obtained from a good or service provided.
c. the value that a third party places on a good or service.
d. the price that a seller places on a good or service being provided.
b. the satisfaction obtained from a good or service provided.
Utility is the satisfaction obtained from a good or service provided.
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If you win $1 million in a lottery and are paid in installments,
a. the future value of these payments is $1 million b. the present value of these payments equals $1 million if the interest rate is zero c. the present value of these payments equals $1 million if the interest rate is 10 percent annually d. the present value of the payments exceeds $1 million if the interest rate is positive e. the future value of the payments is less than $1 million if the interest rate is negative
Suppose the dollar is subject to a floating exchange rate system and that R is the number of dollars per unit of foreign exchange. If R increases, then the dollar
A) depreciates. B) appreciates. C) is devalued. D) is revalued.
Which of the following is not a durable good?
A) furniture B) automobile C) clothing D) refrigerator
The path of consumption over a lifetime is likely to be ________ the path of income.
A. completely unrelated to B. much less stable than C. about the same as D. much more stable than