00 intro Flashcards
(5 cards)
1
Q
How can complex goods be represented?
A
As vectors of attributes
2
Q
What do utility functions represent in this context?
A
Preferences; higher utility values indicate stronger preference.
3
Q
How are individual decisions modeled?
A
As constrained optimization problems.
4
Q
Q: Who benefits and who loses from tariffs?
A
Domestic buyers are harmed, domestic producers benefit.
5
Q
A
