Multiple Choice
A utility function
A) needs to measure the absolute level of happiness.
B) needs to measure relative amounts of happiness for a single individual.
C) helps compare the relative happiness of two separate consumers.
D) is most useful if it can be influenced by others.
Correct Answer:
Verified
Correct Answer:
Verified
Q7: The marginal rate of substitution<br>A) is minus
Q8: Theoretically,an increase in the real wage<br>A) increases
Q9: Total factor productivity encompasses<br>A) labor.<br>B) capital.<br>C) output.<br>D)
Q10: A positive,pure income effect can be obtained
Q11: Look at the production schedule of the
Q13: We assume that the representative consumer's preferences
Q14: In a one-period economy<br>A) consumption equals disposable
Q15: A good is normal for a consumer
Q16: An increase in the real wage<br>A) unambiguously
Q17: Look at the production schedule below: <img