When you buy something, you do so because of the satisfaction you expect to receive from having and using that good. Another term that can be used for satisfaction is
A. price elasticity.
B. utility.
C. need.
D. purchasing power.
Answer: B
You might also like to view...
Which of the following would mostly likely shift the production possibilities curve in an outward direction?
a. a decrease in the current rate of unemployment b. a movement along the curve sacrificing capital goods for consumption goods c. an increase in the price of goods and services d. advances in medicine that reduce the incidence of disease and lengthen productive life spans
In the short-run macro model, if firms produce more output than they sell, those firms will
a. increase the prices of their products b. decrease their output c. increase their output d. cut back on their consumption spending e. increase the prices of their products and reduce the amount of output they produce
Suppose that a worker in Freedonia can produce either 6 units of corn or 2 units of wheat per year, and a worker in Sylvania can produce either 2 units of corn or 6 units of wheat per year. Each nation has 10 workers. For many years the two countries traded, each completely specializing according to their respective comparative advantages. Now, however, war has broken out between them and all
trade has stopped. Without trade, Freedonia produces and consumes 30 units of corn and 10 units of wheat per year. Sylvania produces and consumes 10 units of corn and 30 units of wheat. The war has caused the combined yearly output of the two countries to decline by a. 10 units of corn and 10 units of wheat. b. 20 units of corn and 20 units of wheat. c. 30 units of corn and 30 units of wheat. d. 40 units of corn and 40 units of wheat.
The first structured investment vehicle (SIV) was set up by ________ in 1988
A) J.P. Morgan B) Chase C) Citigroup D) Goldman Sachs