_________ is the value, worth, applicability, productiveness or usefulness of a resource
a. Utility
b. Marketability
c. Credit
d. Cache
A
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The following data give the dates of successive turning points in U.S. economic activity and the corresponding levels of real GDP at the time.Turning PointDateReal GDP(1996 $ billions) (A)Feb. 19612352.9(B)Dec. 19693571.4(C)Nov. 19703566.5(D)Nov. 19734151.1(E)Mar. 19754010.0Which of the following periods was an expansion?
A. November 1970 through November 1973 B. December 1969 through November 1973 C. November 1970 through March 1975 D. December 1969 through November 1970
The monopolist that maximizes profit
A) imposes a cost on society because the selling price is above marginal cost. B) imposes a cost on society because the selling price is equal to marginal cost. C) does not impose a cost on society because the selling price is above marginal cost. D) does not impose a cost on society because price is equal to marginal cost.
According to the Incentive Principle:
A. people tend to do more of something when its benefits are greater. B. benefits are more important than costs in making a decision. C. it is irrational to perform volunteer services. D. people will always take the highest-paying job they are offered.
Refer to the above graph. It shows the cost curves for a competitive firm. At output level 20, the marginal cost is:
A. $0.90. B. $1.05. C. $1.20. D. $0.60.