Economists once believed utility could be measured. This school of thought, known as utilitarianism, was developed by the English philosopher
A. Henri Leconte.
B. Bernard Mandeville.
C. Jeremy Bentham.
D. John Lennon.
Answer: C
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Which currency below currently serves as a dominant reserve currency?
A) European euro B) U.S. dollar C) Japanese yen D) British pound
Which of the following is the best example of a normative economic statement?
a. A rise in gasoline prices will cause gasoline purchases to fall. b. The federal government should spend more on health care. c. Raising the minimum wage will result in greater unemployment. d. If more money is printed, then the economy's price level will rise.
A perfectly competitive firm's pricing decision depends on:
a. whether the firm wants to maximize profits or not. b. whether the firm wants to maximize sales revenue or not. c. the firm's costs. d. whether it wants to compete with other firms in the market or not. e. the market supply and demand.
The legislation which outlawed tying contracts was the:
A. Sherman Act. B. Clayton Act. C. Robinson-Patman Act. D. Celler-Kefauver Act.