When Was the First Fire Engine Purchased in Colonial North

question 24

Multiple Choice

When was the first fire engine purchased in Colonial North America?

• A) 1608
• B) 1631
• C) 1653
• D) 1735

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Definitions:

Utility Function

A mathematical representation of how consumers rank different bundles of goods according to the level of satisfaction or utility those bundles provide.

Interest Rate

The cost of borrowing money, typically expressed as a percentage of the amount loaned.

Income

The financial gain (earned or unearned) accruing over a given period of time.

Utility Functions

Mathematical expressions used in economics to represent a consumer's preference ranking for various bundles of goods.