In economics the term utility refers to
a. the subjective benefit or satisfaction a person expects to receive from a choice or course of action.
b. the number of possible uses for a resource.
c. the fact that human desire for goods is unlimited while the resources available to meet those desires is limited.
d. the highest valued alternative that must be sacrificed when a choice is made.
A
Economics
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Suppose an economy has some inflation. Then, after a base year, the value of real GDP will
A) be less than nominal GDP. B) not be different from nominal GDP. C) be greater than nominal GDP. D) will be approximately half the value of nominal GDP.
Economics
What kinds of risks can't be insured?
What will be an ideal response?
Economics