To economists, the term utility refers to the
a. usefulness of a good in relation to its scarcity
b. necessity of a good
c. ratio of marginal utility of a good to its price
d. quantity of goods a consumer has in reserve, meaning goods unconsumed
e. benefit or satisfaction a consumer receives consuming a good
E
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Under the Global Legal Settlement of 2002, the provision that requires, for a period of five years, brokerage firms to contract with independent research firms to provide information to their customers is an example of
A) regulate for transparency. B) supervisory oversight. C) separation of functions. D) socialization of information production.
Which of the following statements about monetary policy is correct?
a. Whatever happens with aggregate supply and aggregate demand in the long run, monetary policy can be used to prevent inflation from becoming entrenched in the economy in the short and medium term. b. Whatever happens with aggregate supply and aggregate demand in the short run, monetary policy can be used to prevent inflation from becoming entrenched in the economy in the medium and long term. c. Whatever happens with aggregate supply and aggregate demand in the short and medium run, monetary policy can be used to prevent inflation from becoming entrenched in the economy in the long term. d. Whatever happens with aggregate supply and aggregate demand in the medium and long run, monetary policy can be used to prevent inflation from becoming entrenched in the economy in the short term.
Present discounted value refers to the
A. Value today of future payments adjusted for inflation. B. Value today of future payments adjusted for interest accrual. C. Value today of future payments adjusted for risk. D. Future value of today's dollars.
Economists believe that people's wants are
A) finite. B) infinite. C) irrational. D) unimportant because needs are more important than wants.