Expected value represents the average of all outcomes if one were to undertake the risky event many times over and over again
What will be an ideal response?
True. The expected value is not expected on any one outcome, because it represents the average of many outcomes.
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If the equilibrium level of real GDP per year is greater than the full-employment level of GDP, then
A) the economy is at full employment with no price changes. B) the economy expands the level of real GDP. C) an inflationary gap occurs. D) a recessionary gap occurs.
Is it possible for sellers to benefit more than consumers from a subsidy to buyers?
A. Yes, if the sellers need it more. B. Yes, if the supply curve is relatively less elastic than the demand curve. C. Yes, if the supply curve is relatively more elastic than the demand curve. D. Producers can never benefit more than buyers from a subsidy to buyers.
The rate of interest is the price at which money is borrowed and loaned.
Answer the following statement true (T) or false (F)
he condition where the opportunity cost of producing additional units of a good rises as society produces more of that good is known as ______.
a. increasing opportunity cost b. deceasing production possibilities c. efficient opportunity allocation d. increasingly scarce efficiency