Utility is most closely defined as _____
a. the purchasing power of individuals
b. welfare maximization
c. a medium of exchange
d. satisfaction
e. an opportunity cost
d
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Answer the following statement(s) true (T) or false (F)
1. Comparative risk analysis is aimed at minimizing the absolute level of a risk. 2. Risk-benefit analysis and benefit-cost analysis are examples of risk management strategies. 3. President Regan’s Executive Order 12291 called for the explicit use of risk-benefit analysis. 4. Economists support the use of allocative efficiency as a criterion to identify the “acceptable” level of risk. 5. In the United States, all environmental laws setenvironmental risk at a level where the MSB equals the MSC.
The primary assets of a finance company are
A) municipal bonds. B) corporate stocks and bonds. C) consumer and business loans. D) mortgages.
Suppose you camped out in front of an electronics store to be one of the 200 lucky people able to purchase the latest gaming system. You bought the system for $350. Two weeks later you see that the same system can be sold on e-Bay for $600, so you sell your system. Your market role was as a:
A. consumer at the electronics store; the e-Bay transaction did not occur in a market. B. consumer at the electronics store and a seller on e-Bay. C. seller in both markets. D. consumer in both markets.
The law of diminishing marginal product is NOT responsible for the shape of
A. the average variable cost curve. B. the total cost curve. C. marginal cost curve. D. total fixed cost curve.