From the modern "ordinalist" perspective, the scale used to measure utility:
A. provides an absolute measure of human well-being.
B. is completely arbitrary.
C. summarizes information about the intensity of preferences.
D. is the same for each consumer.
B. is completely arbitrary.
Economics
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In the above table, the average variable cost at 2 units of output is
A) $1.00. B) $2.00. C) $4.00. D) $4.80.
Economics
Within the aggregate demand/aggregate supply framework, the quantity produced and purchased in the goods and services market represents
a. nominal output or nominal GDP. b. the interest rate. c. real output or real GDP. d. the consumer price index.
Economics