The utility function captures
A) how consumers interact.
B) how an individual consumer ranks consumption bundles.
C) how output is produced from labor and capital inputs.
D) how happy a consumer is about a given consumption bundle.
B
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Why are Federal Reserve Notes (U.S. dollar bills) money in the U.S? Because
A) they are backed by gold. B) they are used as a general medium of exchange. C) they are created by the government. D) they would otherwise be useless. E) of all the above reasons.
Charles Beard (1935) argued that the economic self-interest of businessmen, merchants, manufacturers, bankers and investors led them to convene at the Constitutional Convention in the late 1770s
They believed that creating a new, or at least modified, system of laws would help them advance the projects in which they were interested at minimal cost. Indicate whether the statement is true or false
The demand for labor is given by L(w) = 1000 - .5w, where w is the minimum wage. Find the level of w that maximizes the total wage payment, wL(w). What is the wage-elasticity of labor demand at the maximizing minimum wage?
What will be an ideal response?
Harry needs to hire a lawyer but does not know how to find a good one. The lawyer is a(n)
A) experience good. B) credence good. C) logo good. D) search good.