For economists, the word "utility" means:
A. versatility and flexibility.
B. rationality.
C. pleasure or satisfaction.
D. purposefulness.
Answer: C
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For each one dollar increase in real GDP, aggregate planned expenditure
A) increases by less than a dollar. B) increases only if autonomous expenditure increases. C) increases by one dollar. D) increases by more than a dollar. E) is unaffected.
The study of how people make decisions in situations in which attaining their goals depends on their interactions with others is called
A) oligopoly. B) competitive analysis. C) strategic analysis. D) game theory.
The trade balance includes:
a. Imports and exports of only goods. b. Imports and exports of goods and services. c. Net exports of goods and services plus transfers. d. Net exports of goods and services plus net investment income plus transfers. e. Changes in a nation's reserve assets.
There is general disagreement among economists about the role of advertising, but there is widespread agreement about the role of brand names on market efficiency
a. True b. False Indicate whether the statement is true or false