Which of the Following Statements About Utility and Preferences Is

question 225

Multiple Choice

Which of the following statements about utility and preferences is false?

• A)If Sidra prefers tea to coffee and coffee to hot chocolate, then she must prefer tea to hot chocolate.
• B)Preferences can be ranked.
• C)If two individuals, Ingrid and Inez, each consume the same bundle of goods, then both Inez and Ingrid must receive the same utility from the bundle.
• D)Utility cannot be compared across consumers.

Describe the impact of resource price flexibility on economic equilibrium.

Assess the implications of actual output deviating from potential output.

Understand the role of aggregate demand in determining the long-run price level and output.

Analyze the effects of economic policies and external shocks on economic gaps and overall economic activity.

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Definitions:

Unreasonable Risk

Exposing individuals or groups to a level of danger or harm that is not justified by the potential benefits or is beyond what is considered acceptable under the circumstances.

Business Visitor

An individual entering a country for a short duration for business-related purposes that do not entail being part of the labor market there.

Invitee

A person who is invited onto a property for the benefit of the property owner or occupier, leading to a higher duty of care.

Tort Reform

A legal process aiming to reduce litigation or damages that plaintiffs can receive, often in an effort to reduce frivolous lawsuits.