Total utility is
A. relatively easy to measure.
B. the additional satisfaction gained by consuming one more unit of something.
C. the total amount of satisfaction yielded by the consumption of a good or service.
D. used to compare different people's likes and dislikes.
Answer: C
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Assume there is a simultaneous increase in home foreclosures and a decrease in consumer incomes. Based on this information we can conclude, with certainty, that in the market for used single-family homes equilibrium:
A) price will increase. B) price will decrease. C) quantity will increase. D) quantity will decrease.
Which of the following is most likely to be a fixed cost for a business?
a. payment for raw materials used in manufacturing goods b. interest payments on a loan used to finance the construction of a building c. shipping charges for the delivery of products d. wages paid to temporary workers
Exhibit 5-8 GDP data (billions of dollars) Personal consumption expenditures$850 Interest90 Corporate profits150 Government spending400 Depreciation100 Rental income70 Gross private domestic investment120 Compensation of employees830 Exports120 Imports70 Indirect business taxes80 Proprietors' income120 Personal income taxes110 Social Security taxes50 Transfer payments160 In Exhibit 5-8, disposable personal income (PI) is:
A. $2,180 billion. B. $1,200 billion. C. $2,210 billion. D. $1,180 billion.
A balance of payments deficit occurs when:
A. exports exceed imports. B. the supply of a nation's currency exceeds the demand for the currency at the current exchange rate. C. the demand for a nation's currency exceeds the supply of the currency at the current exchange rate. D. the supply of a nation's currency is equal to the demand for the currency at the current exchange rate.