The Word 'Util' Has Been Used by Economists in the Past

question 206

Multiple Choice

The word 'util' has been used by economists in the past as an objective measure of utility.Today economists believe that

• A)utility cannot be measured objectively.
• B)utility can be measured objectively because people can use prices of different goods to measure utility.
• C)all of the important conclusions of the economic model of consumer behaviour depend on utility being measured objectively.
• D)the util truly is an objective, rather than a subjective, measure of utility.

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Definitions:

Generation Y

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A demographic group born during the post-World War II baby boom, approximately between the years 1946 and 1964.

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The assumption that only adults can make substantial contributions to society.

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Refers to bias toward adults that often results in discrimination against youth.