In utility analysis, a consumer's tastes and preferences are assumed to be
A) dependent on income and education.
B) predetermined and constant.
C) dependent on national origin.
D) non-existent
Answer: B
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Describe what has happened to state obesity rates in the United States since 1994
What will be an ideal response?
A primary difference between the original and New Keynesian approaches is that in the original model nominal wages are ________, while for the New Keynesians nominal wages are ________
A) perfectly flexible, slow to adjust B) slow to adjust, perfectly flexible C) fixed, slow to adjust D) slow to adjust, fixed
If the union wants to follow the strategy of maximizing member's income, wages should be set
A) above the market clearing wage rate. B) such that all that wanted to work could work. C) at the market clearing wage rate. D) at the point at which the price elasticity of demand equals 1.
Average consumer prices are included in the index of leading economic indicators.
Answer the following statement true (T) or false (F)