The term "final goods and services" refers to
What will be an ideal response?
goods and services purchased by ultimate users, as opposed to resale or further processing
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Dana's utility of wealth is 65 units at $3,000, 80 units at $5,000, and 95 units at $9,000. Starting from zero wealth, he must choose between options A and B. Option A gives him $5,000 for sure
Option B gives him $3,000 with probability 0.5 or $9,000 with probability 0.5. Dana will A) choose option A. B) choose option B. C) be indifferent between option A and option B because they have the same risk. D) be indifferent between option A and option B because they have the same expected utility.
If the supply curve of cigarettes shifts to the left, quantity demanded for cigarettes
A) will decrease substantially. B) will increase substantially. C) will slightly increase. D) will slightly decrease.