Total utility is the total amount of ______ derived from the consumption of a certain number of units of a good or service.
a. choice
b. income
c. satisfaction
d. fairness
c. satisfaction
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Answer the following statement(s) true (T) or false (F)
1. A Paasche price index makes price changes seem better for the consumer than they really are. 2. A Laspeyres price index is based on the basket consumed in the later period.. 3. If the consumer has the same tax bill under a head tax as under an income tax, then the consumer will be indifferent between the two taxes. 4. If the consumer has the same tax bill under a head tax as under an income tax, then less leisure will be consumed under the head tax than under the income tax. 5. The cardinal utility approach has exactly the same implications as the indifference curve approach.
Expansionary fiscal policy involves increasing government purchases or increasing taxes
Indicate whether the statement is true or false
Which of the following statements is true?
A. A person who buys a bond always pays the face value for the bond. B. If a corporation issues a bond and Dennis buys it, Dennis becomes one of the owners of the corporation. C. A stockholder of Firm X is one of the owners of Firm X. D. The owner of the bond receives periodic payments equal to its coupon rate times the price he paid for the bond.
A positive (non-zero) price for a good means there is a surplus of that good
a. True b. False Indicate whether the statement is true or false