A utility function
A. shows the relation between prices and a consumer's utility.
B. shows the relation between the amount of goods consumed and a consumer's utility.
C. shows the relation between income and a consumer's utility.
D. all of the above
E. none of the above
Answer: B
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A country possesses a comparative advantage in the production of a good if
A) the opportunity cost in terms of forgone output of alternative goods is lower for this country than it is for its trading partners. B) it possesses an absolute advantage in the production of this good. C) it is able to produce more of this good per hour than can any other country. D) all of the above.
A Gini coefficient of ________ means that an income distribution is perfectly equal and a Gini coefficient of ________ means the income distribution is perfectly unequal
A) 1; 0 B) 0, 100 C) 100, 0 D) 0; 1