Did you ever hear of a util before studying economics? Probably not. Utils
a. are the same as income
b. are used to measure the amount of satisfaction a person obtains from consuming a good
c. are not valid measures in economics
d. are hypothetical indicators of the effectiveness of public utilities
e. measure price increases of a good relative to those of other goods
C
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Which of the following is a question answered with normative economic reasoning?
A) If the college provided less financial aid for out-of-state students, would more in-state students benefit? B) If the college offers free textbooks for students, will more students read their textbooks? C) If the college increased its enrollment requirements, would class size decline? D) Should the college increase tuition to fund its athletic programs?
List and explain the three factors that can increase labor productivity
What will be an ideal response?
Markets in which the Herfindahl-Hirschman index ________ are considered moderately concentrated
A) is less than 1,000 B) is zero C) is between 1,000 and 1,800 D) is above 1,800
The demand curve faced by the individual perfectly competitive firm is:
A) downward sloping. B) upward sloping. C) horizontal. D) vertical.