Utility is defined as the:
A. sense of pleasure or satisfaction derived from consuming goods and services.
B. cost of acquiring goods and services.
C. profits consumers earn from consuming goods and services.
D. monetary value to consumers of goods and services.
Answer: A
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According to the cost disease of the personal services, service activities that require direct personal contact
A. tend to fall in price relative to other goods and services. B. tend to rise in price relative to other goods and services. C. follow price patterns similar to other goods and services. D. tend to move up and down in price ignoring the rest of the market.
The benefit of holding money is ________, while the opportunity cost of holding money is ________.
A. its usefulness in carrying out transactions; the nominal interest rate B. increased income; lost purchasing power C. the nominal interest rate; the fees charged by banks D. the nominal interest rate; its usefulness in carrying out transactions