A fair bet is one where
A) the player has a 50/50 chance of winning.
B) the player's utility function is convex.
C) the expected value is zero.
D) the expected value is positive.
C
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A change in ________ causes a change in ________ and therefore a change in ________
A) cost; demand; price B) price; demand; supply C) supply; price; demand D) demand; price; cost
Darin grows and sells marijuana to Jennifer. Thomas is an organic farmer who sells broccoli to Jennifer. Marijuana is an illegal good and broccoli is a legal good. Assume that if Jennifer marries either, they give her what they used to sell her. Which of the following statements is consistent with the way GDP is computed?
a. GDP will fall if Jennifer marries either Darin or Thomas. b. GDP will fall if Jennifer marries Darin but not if she marries Thomas. c. GDP will fall if Jennifer marries Thomas but not if she marries Darin. d. GDP remains the same whether Jennifer marries Darin or Thomas.
The "acceptable deaths" notion suggests that it is better to have the benefits of a good to the buyer and seller with a specified number of deaths,
A. than to prohibit the good's production and use entirely. B. in no circumstance. C. than to let the good be produced outside the US. D. but only if the deaths are of less desirable people.
Each of the high-growth Asian economies promoted manufactured exports
Indicate whether the statement is true or false