Utility is most closely defined as _____
a. the purchasing power of individuals
b. welfare maximization
c. a medium of exchange
d. satisfaction
e. an opportunity cost
d
Economics
You might also like to view...
What is the essential characteristic of money?
A) It must be backed by some other tradable commodity. B) It must be backed by gold or silver. C) It must be accepted and used by people as a general medium of exchange. D) It must be declared by government authority.
Economics
Which of the following statements is TRUE?
A) No economic model captures every detail that affects a problem. B) Economic models always make accurate predictions about behaviors. C) Economic models must fully reflect reality. D) Economic models use economists' opinions with no use of data.
Economics