The ability of a good to satisfy a want refers to its:
a. usefulness.
b. utility.
c. worthiness.
d. necessity.
b
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The increased generosity of unemployment insurance programs in Canada as compared to the United States should
A) raise the duration of unemployment in the United States. B) have no impact on the duration of unemployment in Canada. C) increase the duration of unemployment in Canada as compared to the United States. D) decrease the duration of unemployment in Canada as compared to the United States.
Refer to the above figure. If an individual firm wants to maximize economic profits, it should
A) charge $5 for its product. B) charge more than $5 for its product since increasing the price will increase revenues. C) charge less than $5 for its product since a lower price will attract more customers. D) withdraw its product from the market forcing the market price up.