The Fact That an Ounce of Gold Is Priced Higher

question 104

Multiple Choice

The fact that an ounce of gold is priced higher than an ounce of chocolate suggests that

• A)the marginal utility of the last unit of gold consumed or purchased is greater than the marginal utility of the last unit of chocolate consumed.
• B)the total utility of gold purchased is greater than the total utility of chocolate consumed.
• C)gold is a normal good, while chocolate is an inferior good.
• D)there are many substitutes for chocolate but few for gold.

Appreciate the influence of socioeconomic status, race, ethnicity, and gender on political beliefs and public opinion.

Evaluate the effectiveness and precision of modern polling techniques in assessing public opinion.

Understand the interconnectedness of public opinion, media influence, and political decisions.

Understand the impact of public opinion on the formulation of public policy.

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Definitions:

Interest Rate

The percentage of a loan amount that is applied as interest for the borrower, usually shown as an annual rate of the remaining loan balance.

Present Value

The present worth of a future amount of money or series of cash flows when a particular return rate is applied.

Semiannually

Occurring twice a year, typically every six months, often used in the context of interest or dividend payment schedules or reporting periods.

Annual Interest Rate

The percentage rate charged or paid over a year for borrowing or saving money.