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Question 41 / 1 ptsWhat is the meaning of utilityin the field of economics?how functional a good or service isthe degree of demand for a certain good or serviceCorrect!the satisfaction a person receives from consuming a good or servicewhatever a consumer wants it to be when consuming a good or service
Question 51 / 1 ptsIf enough tastes and perceptions can be changed that the average consumer’s utility from thefirm’s product can be __________, more products will be demanded.
Question 61 / 1 ptsThe reason why the price of gasoline is typically higher near freeways than in towns is bestexplained by __________.
supply vs. demandprice competitionCorrect!utility-maximizing theoryQuestion 70 / 1 ptsLaws that deal with the enforcement of voluntary exchanges are called __________ laws.
You AnsweredcommonThe answer can be found in Chapter 6, Section 6.1, Law, Economics, and Government Policy.Question 81 / 1 ptsWhat are the two characteristics of public goods?productivity and rivalryCorrect!nonexclusivity and nonrivalryexclusivity and nonrivalryexclusivity and rivalry
Question 90 / 1 ptsAn example of a private good is __________.
The answer can be found in Chapter 6, Section 6.3, Public Goods.Question 100 / 1 ptsIn the term social marginal costs, to whom does social refer?
You Answeredonly direct transaction participantsCorrect Answersociety as a wholeonly those who are affected but are not direct transaction participantsThe answer can be found in Chapter 6, Section 6.2, Externalities.Quiz Score: 6 out of 10