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.
Answer: A
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Over the period 1960-2010, the United States economy grew at roughly
A) 2.1 percent. B) 3 percent. C) 4 percent. D) one percent. E) 3.5 percent.
Banks' views of the economy change from confidence to caution when they expect
a. wage rates to fall b. employment to increase c. consumer spending to fall d. a recession to occur e. economic expansion
A natural monopoly is most likely to occur in which of the following industries?
A) the pharmaceutical industry because the development and approval of new drugs through the Food and Drug Administration can take more than 10 years B) the diamond mining and marketing industry because one firm can control a key resource C) the software industry because of the importance of network externalities D) an industry where fixed costs are very large relative to variable costs
Which of the following is TRUE of incentives?
A) Different people are motivated by different incentives. B) Money is the only measure of incentives. C) All of the people in a particular nation are motivated by the same incentives. D) In economics, people are assumed to respond to disincentives instead of incentives.