Utility refers to the:
A. satisfaction that a consumer derives from a good or service.
B. rate of decline in a product demand curve.
C. relative scarcity of a product.
D. usefulness of a product.
Answer: A
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The protection of property rights leads to
A) more poverty. B) more illiteracy. C) more capital formation. D) unemployment.
When universities announce a large tuition increase and follow it with an announcement that more financial aid will be available, they are assuming that students who pay full tuition:
A. have elastic demand and students who use financial aid have inelastic demand. B. have inelastic demand and students who use financial aid have elastic demand. C. view a college education as a normal good and students who use financial aid view it as an inferior good. D. view a college education as an inferior good and students who use financial aid view it as a normal good.