A util represents a unit of measurement for the:
a. dollars a consumer spends on a good.
b. profit a firm makes from producing a good.
c. way a consumer will respond to a change in price.
d. happiness a person obtains from consuming a good.
e. way a producer will respond to a change in price.
d
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No government intervention in active markets for foreign currency is typical of a
A. gold standard. B. floating exchange rate system. C. fixed exchange rate system. D. managed float exchange rate system.
A Ponzi scheme can only succeed if the investors in the scheme believe that something is preventing:
A. Diversification B. Arbitrage C. Pooling D. Risk premium
Which of the following will NOT shift the short-run aggregate supply function?
A) changes in labor costs B) changes in the costs of nonlabor inputs C) changes in the price level D) changes in the expected price level
The following price-quantity coordinates for gold used by U.S. dentists were observed: P = $875/ounce, Q = 342,000 . P = $200/ounce, Q = 706,000 . These points most likely lie along the
a. supply curve for gold for dental use. b. demand curve for dental use. c. equilibrium curve for dental use. d. production possibilities curve for dental use.