In economics, utility is defined as

A. the usefulness of a good or service.
B. the objective measure of the desirability of a good or service.
C. the want-satisfying power of a good or service.
D. the utilitarian value of a good or service.


Answer: C

Economics

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If the Fed buys government securities from commercial banks in the open market ________.

A. commercial banks give the securities to the Fed, and the Fed decreases the banks' reserves B. the Fed gives the securities to the commercial banks and decreases the banks' reserves C. commercial banks give the securities to the Fed, and the Fed increases the banks' reserves D. the Fed gives the securities to the commercial banks and increases the banks' reserves

Economics

Assume that a house is rented by four students. When it comes to keeping the house clean, each of the four roommates has an incentive to leave cleaning to the others. As a result, the house is never clean

Which of the following is the best solution to this problem of free riding? A) Assign one roommate the responsibility to keep a watch over the other students B) Require every roommate to contribute to a cleaning service C) Ask every roommate to clean the house if they dirty it D) Require each roommate to pay more toward the house rent and groceries

Economics

The net exports effect is the ____ relationship between net exports and the price level of an economy

a. inverse b. independent c. direct d. linear

Economics

Exports minus imports equal ______________.

Fill in the blank(s) with the appropriate word(s).

Economics