A util represents a unit of measurement for the:
A. dollars a consumer spends on a good.
B. profit a firm makes from producing a good.
C. way a consumer will respond to a change in price.
D. happiness a person obtains from consuming a good.
Answer: D
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Use the figure below to answer the following question. The equilibrium point in the market is the point at which the S and D curves intersect.
Assuming equilibrium price P1, producer surplus is represented by areas
A. a + b. B. a + c. C. a + b + c + d. D. c + d.
If you intend to begin jogging one week from today, and next week tell yourself you'll begin in another week, your preferences are:
A. revealed from your actions. B. more accurate in the future. C. irrational. D. time inconsistent.
The consumer price index was 120 in 2013 and 126 in 2014 . The nominal interest rate during this period was 8 percent. What was the real interest rate during this period?
a. 3 percent b. 2 percent c. 3.3 percent d. 12.8 percent
Which of the following best fits the definition of unemployed?
A. not working at a gainful pursuit, either in or out of the home B. not working but looking for a job C. retired and not working D. working less than a full work week