Only individuals choose, which means
A) only individuals exist.
B) collectives do not exist.
C) only individuals can assess the expected costs and benefits of an action.
D) all of the above.
C
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Investment in education in the HPAE was ________ in ________
A) low; primary schools B) high; primary schools C) low; primary and secondary schools D) high; primary and secondary schools E) high; university education
Johnny owns a house that would cost $100,000 to replace should it ever be destroyed by fire. There is a 0.1% chance that the house could be destroyed during the course of a year. Johnny's utility function is U = W0.5
How much would fair insurance cost that completely replaces the house if destroyed by fire? Assuming that Johnny has no other wealth, how much would Johnny be willing to pay for such an insurance policy? Why the difference?
The opportunity cost of going to the movies is always the same for everyone
a. True b. False Indicate whether the statement is true or false
If a four-firm concentration ratio in an industry equals 75 percent, this implies that
a. 75 percent of all profits in the industry accrue to the leading four firms b. 25 percent of sales in the industry are accounted for by the four leading firms c. the four firms represent 75 percent of all the firms in the industry d. the four firms represent 25 percent of all the firms in the industry e. 75 percent of all sales in the industry are accounted for by the four leading firms