Utility is
A) the consumption of a quasi-public good like electricity or natural gas.
B) easily measured in units called utils.
C) the production of a quasi-public good like electricity or natural gas.
D) subjective and difficult to measure.
D
You might also like to view...
The above table gives Sue's marginal utility schedules for sub sandwiches and Mountain Dew, the only products Sue consumes. Suppose the price of a sub sandwich is $4 each and the price of a Mountain Dew is $2 each. Sue's income is $12
If Sue is at a consumer equilibrium, she eats ________ sub sandwich(es) and drinks ________ Mountain Dews. A) 0; 6 B) 1; 4 C) 2; 2 D) 3; 0
Fast Copy is a perfectly competitive firm. The figure above shows Fast Copy's cost curves. If the market price is 4 cents per page, what is Fast Copy's economic profit?
A) zero B) between 0 and $0.50 per hour C) between $0.51 and $1.00 per hour D) more than $1.00 per hour
One problem with unrestricted global capital movements is that capital suppliers may
a. have little information about conditions overseas b. react quickly to bad news regardless of economic fundamentals c. be interested in short-run gains rather than development objectives d. all of the above
Quotas imposed on U.S. imports into Japan tend to:
A) penalize both U.S. consumers and Japanese consumers. B) benefit both U.S. consumers and Japanese consumers. C) penalize U.S. consumers and benefit Japanese consumers. D) benefit U.S. consumers and penalize Japanese consumers.