In the context of consumer choice theory, utility means:
a. usefulness.
b. satisfaction.
c. practicality.
d. boring.
e. action.
b
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All else equal, an increase in the government's budget deficit accompanied by a decrease in corporate taxes would definitely result in
A) an increase in the equilibrium real interest rate. B) a decrease in the equilibrium real interest rate. C) an increase in the equilibrium level of saving and investment. D) a decrease in the equilibrium level of saving and investment.
Price discrimination is a result of the ______ motive.
a. profit minimization b. profit maximization c. social awareness d. free trade
If the demand for a product in an increasing cost perfectly competitive industry increases, we would expect that price in the long run would ________ and the number of firms in the market would ________.
A. decrease; decrease B. increase; increase C. decrease; increase D. increase; decrease
In the late 1990s, the Asian crisis reduced the demand for U.S. farm products, which weakened farm prices.
Answer the following statement true (T) or false (F)