In economics the term utility refers to
a. the subjective benefit or satisfaction a person expects to receive from a choice or course of action.
b. the number of possible uses for a resource.
c. the fact that human desire for goods is unlimited while the resources available to meet those desires is limited.
d. the highest valued alternative that must be sacrificed when a choice is made.
A
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Which of the following is not a determinant of demand?
A) A change in taste and preference B) The number or buyers C) A change in the price of the item in question D) A change in the price of a substitute item
In general, the cost of an input:
A. decreases when you've reached the point of diminishing marginal product in your firm. B. is minimized when you've reached the point of diminishing marginal product in your firm. C. stays the same when you've reached the point of diminishing marginal product in your firm. D. increases when you've reached the point of diminishing marginal product in your firm.
The ________ approach to exchange rates emphasizes the importance of the supply and demand for money as a key to understanding the determinants of exchange rates.
A. monetary B. asset market C. balance of payments D. purchasing power parity
The difference between household assets and liabilities is referred to as:
A. Debt B. Income C. Net worth D. Expenditures