What term do economists use to refer to the satisfaction that an individual expects to receive from consuming a good or service?
a. Utility.
b. Response.
c. Usability.
d. Demand.
e. Desirable.
a
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Suppose one of baseball's most controversial records - the Bonds' career home run record - were on the line. Tickets to the games leading up to breaking of the record might command three times the face-value price for tickets. Economists would suggest that a scalping market would appear and it
A. cause the price to fall back to the face value. B. cause the price to fall below the face value. C. would make all ticket holders and potential buys worse off. D. would make all ticket holders and potential buys better off (or at least no worse off).
Banks in the United States may create new money equal to their amount of required reserves
a. True b. False Indicate whether the statement is true or false
When money works as a common denominator into which the values of all goods and services are expressed, it is which function of money?
(a) Medium of Exchange. (b) Unit of Account. (c) Store of Value (d) Standard of Deferred Payment.
If the United States consumption possibilities are greater than its production possibilities, then the United States must have
A. protectionism. B. an open economy. C. autarky. D. a closed economy.