Utility is defined as the:
a. sense of pleasure or satisfaction derived from consuming goods and services.
b. cost of acquiring goods and services.
c. profits consumers earn from consuming goods and services.
d. monetary value to consumers of goods and services.
e. desire to consume goods and services.
a
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The time and invested funds involved in starting a lawn-cutting business address the economic concept of
A) the marginal principle. B) the principle of diminishing returns. C) opportunity cost. D) the real-nominal principle.
If the marginal productivity of labor decreases, then
A) the quantity of labor demanded at every possible wage rate will be less. B) the quantity of labor demanded at every possible wage rate will be higher. C) the quantity of labor demanded will not be affected. D) the demand curve for labor will shift upward and to the right.
There is only one efficient allocation of resources in an economy at one point in time
a. True b. False Indicate whether the statement is true or false
The two basic approaches that a country can take as a means to achieve free trade are the
a. unilateral approach and the multilateral approach. b. short-run approach and the long-run approach. c. continental approach and the global approach. d. industry approach and the security approach.