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Author Question: Which of the following statements concerning utility as a measure for well being are false? A) ... (Read 81 times)

maychende

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on: Jul 1, 2018
Which of the following statements concerning utility as a measure for well being are false?
 
  A) There is generally a positive relationship between income and utility.
  B) It is possible to determine which of two individuals is made happier by consuming a particular market basket.
  C) Utility is an abstract representation of an individual's degree of happiness.
  D) Cross country studies suggest that citizens in wealthier countries are happier than citizens in poorer countries.

Question 2

Suppose the nominal price of gasoline was 0.90 per gallon in 1987. To convert this value to the real price of 1987 gasoline in 2012 dollars, we should:
 
  A) multiply by the 1987 CPI and divide by the 2012 CPI.
  B) multiply by the 2012 CPI and divide by the 1987 CPI.
  C) not do anything because this is the real price in 2012 dollars.
  D) none of the above


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aprice35067

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Reply #1 on: Jul 1, 2018
Answer to Question 1

B

Answer to Question 2

B


maychende

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Reply 2 on: Jul 1, 2018
Great answer, keep it coming :)

amandanbreshears

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Reply 3 on: Yesterday
:D TYSM

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