In Economics the Term Utility Refers to

question 135

Multiple Choice

In economics the term utility refers to

• A) the subjective benefit or satisfaction a person expects to receive from a choice or course of action.
• B) the number of possible uses for a resource.
• C) the fact that human desire for goods is unlimited while the resources available to meet those desires is limited.
• D) the highest valued alternative that must be sacrificed when a choice is made.

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Definitions:

Parasympathetic Nervous System

A division of the autonomic nervous system responsible for conserving energy and promoting a state of calmness and rest.

Acetylcholine

A neurotransmitter in both the central and peripheral nervous systems that plays an important role in muscle activation, memory, and learning.

Norepinephrine

A neurotransmitter and hormone involved in the body's fight or flight response, affecting heart rate, blood pressure, and blood glucose levels.

Epinephrine

Epinephrine, also known as adrenaline, is a hormone and neurotransmitter that increases heart rate, contracts blood vessels, and opens airways in response to stress or excitement.