In Economics,the Term "Utility" Is Defined as the

question 23

Multiple Choice

In economics,the term "utility" is defined as the

• A)usefulness of a good.
• B)usefulness of a theory to explain price determination.
• C)total consumer satisfaction received from consumption of a good.
• D)a service such as sewer and water or electricity.
• E)system of basing the price of a good on its usefulness to society.

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Definitions:

Balance Of Payments

A record of all economic transactions between residents of a country and the rest of the world in a given period.

Foreign Currencies

Money or other forms of payment issued by a country other than one's own, used to facilitate international transactions.

Balance Of Trade

The difference between the value of a country's exports and the value of its imports over a certain period, reflecting the country's trade surplus or deficit.

Current Account Deficit

When a country's total imports of goods, services, and transfers exceed its total exports.