Economists use the term "utility" to refer to the usefulness of a good or service, and so consequently aesthetic products like art, music, and vacations have no utility
Indicate whether the statement is true or false
false
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Some economists object to having the Fed concentrate solely on price stability because it would
A) make stabilizing the economy more difficult. B) lessen its credibility. C) privatize the Federal Reserve. D) free the Fed from political pressure.
Recent tests suggest that the Leontief Paradox has been completely resolved
Indicate whether the statement is true or false
A firm's implicit costs are
a. its maintenance costs b. its paid-out costs of production c. its main source of executive costs d. irrelevant to the determination of economic profit e. opportunity costs of production that do not involve money outlays
The information on a demand curve is also on a(n)
A. budget constraint. B. indifference curve. C. income-consumption curve. D. price-consumption curve.