In a state-run lottery, where winners are paid in annual installments
a. the present value of the payments is less than the number of dollars won
b. the future value of the winnings is less than the number of dollars won
c. the present value of the payments is greater than the number of dollars won
d. the winner would prefer the annual installments to a lump sum payment made immediately
e. none of the above is correct
A
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The table above gives production information for Bob's Baseball Cap Company. Bob's total cost when zero caps are produced is $200 and workers cost $10 per hour. The total variable cost of producing 18 baseball hats per hour is
A) $200.00. B) $30.00. C) $1.67. D) More information is needed to answer the question.
Refer to Table 4-8. Suppose that the quantity of labor supplied increases by 40,000 at each wage level. What are the new free market equilibrium hourly wage and the new equilibrium quantity of labor?
A) W = $9.00; Q = 410,000 B) W = $9.50; Q = 420,000 C) W = $8.00; Q = 390,000 D) W = $8.50; Q = 400,000
Physical capital is:
A. the stock of equipment and structures that allow for the production of goods and services. B. the skills a human being acquires that enhances the available stock of equipment. C. the set of skills, knowledge, experience, and talent that determine the productivity of workers. D. All of these describe physical capital.
Consider an industry with 5 firms. Firm A has sales of $6 mil., firm B has sales of $12 mil., firm C has sales of $30 mil., firm D has sales of $50 mil. and firm E has sales of $2 mil. The Herfindahl-Hirschman index for this industry is
a. 3580 b. 3584 c. 2500 d. 3400 e. unknown, not enough information to tell