A ________ person is indifferent to a bet that has zero expected value
A) risk-neutral
B) risk-loving
C) risk-averse
D) rent-seeking
A
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Leisure being a normal good is neither necessary nor sufficient for labor supply to slope up.
Answer the following statement true (T) or false (F)
Making the buying and selling of a good illegal shifts the demand curve ________ and shifts the supply curve ________
A) rightward; rightward B) rightward; leftward C) leftward; rightward D) leftward; leftward
Which type of business organization is the most important part of U.S. history given its "super" economic powers?
(a) Sole proprietorship (b) Partnership (c) "Mom and pop" business, which is a mix of sole proprietorships and partnerships (d) Corporation
When economists speak of scarcity, they are referring to the
A) condition in which society is not employing all its resources in an efficient way. B) condition in which people's wants outstrip the limited resources available to satisfy those wants. C) economic condition that exists in only very poor countries of the world. D) condition in which society produces too many frivolous goods and not enough socially desirable goods.