Which of the following is NOT true of utility?
A) It represents the want-satisfying power of a good.
B) It is measured using a representative unit called a util.
C) The utility that a good provides depends on a consumer's preferences.
D) Utility can be measured objectively.
Answer: D
You might also like to view...
A large open economy
A) dominates world trade in one or more products. B) is physically larger than all small open economies. C) has a larger population than all small open economies. D) lends or borrows enough in the international capital market to influence the world real interest rate.
Foreign direct investment-capital injections from abroad-can promote economic growth
a. True b. False Indicate whether the statement is true or false
If the current price of a good is $10, market demand is Qd = 400 - 20P, and market supply is Qs = -50 + 10P, then
A. more of the good is being produced than people want to buy. B. a lower price will increase the shortage. C. at the current price there is excess demand, or a shortage, of 150 units. D. Both b and c E. All of the above
The chair of the Department of Economics at Colorado State University decided that office space is for tenured faculty and that graduate students are required to share cubicles. What method is used to allocate office space?
A) lottery B) majority rule C) command D) first-come, first-served E) sharing equally