What is meant by utility?
What will be an ideal response?
Utility is the satisfaction (or reward) a product yields relative to its alternatives. It is the basis of choice.
Economics
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Refer to Figure 13.1. All else equal, if the economy is in a recession, expansionary fiscal policy would result in a movement from
A) point A to point B. B) point B to point A. C) point B to point C. D) point C to point B.
Economics
In the United States from 1949 to 2010, the vast majority of economic growth has been a result of the contribution from
A) capital. B) labor. C) total factor productivity. D) Capital, labor, and total factor productivity have contributed about equally to economic growth.
Economics