Consumer Choice Theory
1. The term utility refers to the
a. usefulness of a good in relation to its scarcity.
b. necessity of a good.
c. price of a good.
d. number of goods a consumer has.
e. pleasure or satisfaction a consumer receives upon con
Chapter 1 Introduction: What Is Economics? 1.1 What Is
1) Economics is best defined as the study of:
A) financial decisionmaking.
B) how consumers make purchasing decisions.
C) choices made by people faced with
Question 1 of 20
5.0/ 5.0 Points
Normative economics _ .
A. is the focus of most modern economic reasoning
B. answers the question "What ought to be?"
C. predicts the consequences of alternative actions
D. answers the question "What is?"
Question 2 of 20