A good synonym for "utility" is
A. satisfaction.
B. necessity.
C. marginal.
D. need.
Answer: A
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In year 1, the Consumer Price Index was 120 and the average nominal income was $30,000. In year 2, the Consumer Price Index was 125 and the average nominal level of income was $32,000. What happened to real income from year 1 to year 2?
A. It fell by $400. B. It rose by $600. C. It rose by $400. D. It rose by $2,000.
One reason why the demand for gasoline is inelastic is because
A) substitutes for gas abound. B) substitutes for gas are hard to find. C) gasoline is a luxury item. D) people have a long time to shop around for automobiles that use less gas. E) buses run on diesel fuel rather than gasoline.
Use the above table. What percentage of income is received by the poorest 60% of the population?
A) 27.78 percent B) 33.33 percent C) 44.44 percent D) 55.56 percent
Money serves as a standard of value, which is another way of saying that money functions as
A. a unit of accounting. B. standard of deferred payment. C. a medium of exchange. D. an opportunity cost of investment.