Utility refers to the
A. Decrease in satisfaction as more of a good or service is consumed.
B. Additional satisfaction obtained from one more unit of a good or service.
C. Willingness to buy specific quantities of a good or service at a particular price.
D. Satisfaction obtained from a good or service.
Answer: D
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A nation that has done well economically in spite of a lack of natural resources is
a. the United States. b. Japan. c. Canada. d. Australia.
Letters are used to represent the terms used to answer this question: price (P), quantity of output (Q), total cost (TC) and average total cost (ATC). Which of the following equations is equal to a firm's profit?
A) P - ATC B) (P × Q) - (P × ATC) C) P - TC D) (P × Q) - TC
Using the liquidity preference framework, show what happens to interest rates during a business cycle recession
What will be an ideal response?
Suppose the economy is in a recession and the Central bank lowers the monetary policy rate. Then
A. Real GDP and the price level will both decrease. B. Real GDP will increase and the price level will decrease. C. Real GDP will decrease and the price level will increase. D. Real GDP and the price level will both increase.