Utility is:
A. a quantitative measure of consumers’ preferences.
B. an objective measure of a person’s happiness.
C. as difficult to measure as an individual's income level.
D. a meaningful number measuring a consumer’s precise level of satisfaction.
A. a quantitative measure of consumers’ preferences.
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Refer to Figure 11-1. Using the per-worker production function in the figure above, the largest changes in an economy's standard of living would be achieved by a movement from
A) A to B to C. B) C to B to A. C) B to C to D. D) D to C to B.
When Dave in Detroit, MI buys stock in Ford Motor Co., NCO:
A. increases. B. is unaffected. C. decreases. D. is zero.
Drug companies are allowed to be monopolists in the drugs they discover in order to
a. allow drug companies to charge a price that is equal to their marginal cost. b. discourage new firms from entering the drug market. c. encourage research. d. allow the government to earn patent revenue.
Trade policies
a. alter the trade balance because they alter imports of the country that implemented them. b. alter the trade balance because they alter net capital outflow of the country that implemented them. c. do not alter the trade balance because they cannot alter the national saving or domestic investment of the country that implements them. d. do not alter the trade balance because they cannot alter the real exchange rate of the currency of the country that implements them.