The statement "risk requires compensation" implies that people:
A. will only accept risk when they are rewarded for doing so.
B. avoid risk at all cost.
C. only accept risk when they absolutely have to.
D. do not take risk.
Answer: A
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If the producer is at combination B as shown in Table 3-2, the opportunity cost of increasing corn production by 1 unit is
A. 29 units of cotton. B. 5 units of cotton. C. 12 units of cotton. D. 4 units of cotton. E. 1 unit of cotton.
If the price of automobiles were to decrease substantially, the demand curve for automobiles would most likely
A) shift rightward. B) shift leftward. C) remain unchanged. D) become steeper.
A country’s GDP per capita is calculated by dividing the GDP by _______.
a. purchasing power parity (PPP) b. exchange rate c. GDP over time d. population
In 2014, China had accumulated $3.8 trillion worth of reserve assets. These $3.8 trillion entered into China's balance of payments in the:
a. The total amount did not enter into China's balance of payments. Only changes enter the balance of payments. b. Reserve Account. c. Trade balance. d. Balance on goods and services. e. Financial Account.