What are the similarities between utility and temperature?
What will be an ideal response?
The scales of both utility and temperature are arbitrary. The units used to measure both can be changed without changing their predictive abilities. For instance, the scale used to "measure" utility can be changed without consequence and the scale used to measure temperature (such as Celsius, Fahrenheit, or Kelvin) also can be changed without consequence. Additionally, although neither utility nor temperature can be directly observed, both can be used to make predictions about the observable world.
You might also like to view...
When the Pilgrims first arrived in North America, they established communal ownership of all pastures and of all agricultural production. As is common with communal ownership, this communal ownership by the Pilgrims resulted in
A) underproduction and underconsumption. B) underproduction and overconsumption. C) overproduction and underconsumption. D) overproduction and overconsumption.
A foreign exchange intervention that lowers the exchange rate will also ________
A) increase the real interest rate B) decrease the money supply C) increase investment D) decrease international reserves
The price elasticity of demand for a demand curve that has a zero slope is
A) zero. B) one. C) negative but approaches zero as consumption increases. D) infinity.
If after a country experiences capital flight, people become more confident about the safety of its assets, then in that country
a. the real exchange rate and the real interest rate will rise. b. the real exchange rate will rise and the real interest rate will fall. c. the real exchange rate will fall and the real interest rate will rise. d. the real exchange rate and the real interest rate will fall.