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

question 69

Multiple Choice

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

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

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Definitions:

Discharge

In legal terms, the release or extinguishment of an obligation, debt, or charge.

Collateral Mortgage

A type of mortgage where the borrower provides collateral other than the purchased property to secure the loan.

Building Mortgage

A type of loan specifically used for the purchase, construction, or improvement of buildings, secured by the building itself.

Acceleration Clause

A contractual clause that allows a lender to demand immediate repayment of all outstanding loans if certain conditions are violated.