Utility is:
A. a quantitative measure of consumers' preferences.
B. an objective measure of a person's happiness.
C. a meaningful number measuring a consumer's precise level of satisfaction.
D. as difficult to measure as an individual's income level.
Answer: A
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Which of the following would lead to a rise in demand for recordable DVDs by students?
a. An increase in the number of DVD manufacturers. b. A decrease in the price of DVD recording devices. c. A decrease in the price of the DVD making machinery. d. A cut in the number of student workers hired by the university, lowering student incomes.
If the price of a firm's product is $10 and the firm faces a constant marginal cost of $4 that is equal to its (constant) average total cost, the profit from selling a unit of the firm's product from its inventory is equal to ________.
A) $6 B) $10 C) $4 D) $14
Which of the following is not a gain from division of labor?
a. Workers' abilities are matched to tasks. b. Workers gain experience from the repetition of the tasks. c. Workers save time by not moving to different tasks. d. Workers' morale increases as tasks become more specialized. e. The introduction of labor-saving machinery is possible.
Which of the following is most likely to be a normal good?
a. trips to the laundromat b. macaroni-and-cheese dinners c. tickets to major league baseball games d. bus rides e. used paperback books