Utility is:
a. easily measured, because all people derive the same utility from consumption.
b. easily measured, because it is an objective concept.
c. easily measured, because it is a subjective concept.
d. hard to measure, because it is a subjective concept.
e. hard to measure, because it is an objective concept.
d
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At the equilibrium level of income, the value of consumption is equal to
A) (consumption - savings). B) (income - investment). C) (savings + investment). D) (income + investment).
A physician who laid off her nurse and receptionist and performed their tasks herself would probably
A) decrease her accounting profit but increase her economic profit. B) decrease her profit from the economist's point of view even if she increased her accounting profit. C) increase both her accounting and economic profit if her practice was a busy one. D) wind up with lower labor costs unless the layoff greatly increased the demand for her professional services. E) work more efficiently in order to get everything done.