The general form of the per-person production function used in Chapter 10 is
A) (Y/N) = A - f(N/K).
B) (Y/N) = A + f(N/K).
C) (Y/N) = A/f(K/N).
D) (Y/N) = Af(K/N).
D
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The above figure shows the utility of wealth curve for a homeowner whose only possession is a $50,000 house. If there is a 20 percent chance that the home could be entirely destroyed, what is the person's cost of risk?
A) $10,000 B) $20,000 C) $30,000 D) $40,000
Using the income approach, the largest portion of GDP is:
a. employee compensation. b. net interest. c. rent. d. profits. e. depreciation.
Which single international issue draws considerable consensus among most people and governments around the world?
a. that more funds should be directed toward foreign aid b. that global inequality should be reduced c. that poverty should be combatted by globalization d. that fair trade should be encouraged and expanded
Insurance:
A. reduces the risks inherent in life. B. increases a person's expected wealth. C. helps individuals avoid certain types of risk. D. None of these statements is true.