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ABEKA ECONOMICS Test 2 WITH 100% VERIFIED QUESTIONS & ANSWERS

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direct benefit received by the owner of a good - value in use satisfaction received from possessing a particular amount of a good - total utility amount of satisfaction that results from a one-unit increase of a good - marginal utility good capable of being used in conjunction with another - complementary good good expected to last at least three years - durable good if ms johnson quit a job where she annually made $40k to start a business whose expense wa...

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Abeka, Economics, test 5 Questions and answers latest update

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principle that states that as one's supply of a specific good or service increases, the satisfaction derived from each additional unit tends to decrease - diminishing marginal utility effect that says that when the price of goods rises, it affects a consumer as if his income were reduced - income effect relationship between a good's price and the amount that people are willing to buy - law of demand relationship between a good's price and the amount that producers are wil...

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Abeka, Economics, test 4 Questions and answers latest update

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What type of account guarantees a certain interest rate and has a specified maturity date? - CD Account What type of account allows limited transactions and pays an interest rate that changes with the demand for loans? - Money Market Account What quality should money possess that shows its stability in value? - Constancy What quality should money possess that shows its availability in small or large units? - Divisibility What is a written order that authorizes a bank ...

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