Which of the following is NOT true of utility?
A. It represents the want-satisfying power of a good.
B. The utility that a good provides depends on a consumer's preferences.
C. Utility can be measured objectively.
D. It is measured using a representative unit called a util.
Answer: C
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A public good
A. costs essentially nothing to produce and is thus provided by the government at a zero price. B. generally results in substantial negative externalities. C. can never be provided by a nongovernmental organization. D. cannot be provided to one person without making it available to others as well.
Demand is a schedule of
A) how much of a good a person wants. B) how much of a good people will purchase at each different possible price. C) how much of a good people will purchase at each income level. D) each possible price and the amount people will buy when their incomes change.
Suppose there are 100 identical firms producing package delivery services. One of the firms pays a wage rate of $7 and hires 20 delivery workers. The price the firm charges to deliver a package is $10 . We know then that the number of delivery workers in the package delivery industry is
a. 100 workers b. 200 workers c. 700 workers d. 2,000 workers e. 10,000 workers
Which of the following is true about those graduating with college degrees?
a. The proportion of college degrees earned by women has been declining in recent decades. b. The proportion of college degrees earned by women has been virtually constant during the last four decades. c. In 2013, only about 43 percent of those graduating from college were women. d. In 2013, only about 43 percent of those graduating from college were men.