Utility is:
A. a measure of a consumer's income
B. a way of describing a consumer's wants.
C. only applicable to goods that are purchased.
D. All of these are true.
Answer: B
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The Rhode Island System
a. employed whole families to work in textile mills. b. employed young women in their late teens and early twenties. c. banned the use of child workers in factories. d. relied on a workforce mainly consisting of former slaves.
In his book, An Inquiry into the Nature and Causes of the Wealth of Nations, Adam Smith described a visit he made to a
a. car factory. b. pin factory. c. washing machine factory. d. farm.
Stronger economic performance often leads to currency appreciation because it improves prospects for investing in the country.
Answer the following statement true (T) or false (F)
As John's income has increased, he has purchased less instant noodles. Instant noodles are
A. an inferior good for John. B. not following the law of demand. C. not scarce for John. D. a normal good for John.