The opportunity cost associated with increasing U.S. national security is complicated by the fact that
a. national security is not a good
b. there is no trade-off between national security and other goods
c. national security cannot be produced
d. U.S. national security depends upon national security expenditures of other nations
e. war is an inherent human activity
D
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An individual has preferences consistent with prospect theory. The person takes their current wealth of $10,000 (plus any certain additions) as their reference point. Gains above this reference point are worth +1 util. Losses below this reference point are worth -2 utils. The person is faced with two choice problems. The first involves a choice between (A) no gamble and (B) a gamble with an equal
chance of winning $1,800 and losing $1,000 . The second choice problem, the person first has $1,000 taken away (resulting in the adjustment of the reference point). The choice is then between (C) being given back $1,000 for sure and (D) an equal chance of winning $2,800 or nothing. What choices would the person make? a. A and C. b. A and D. c. B and C. d. B and D.
At any moment in time, middle-age people tend to have higher incomes than both younger and older people do
a. True b. False Indicate whether the statement is true or false
Which of the following industries is most likely to exhibit the characteristic of free entry?
a. nuclear power b. municipal water and sewer c. dairy farming d. airport security
As compared to manual processing, electronic processing of cash transactions generally makes kiting:
A) impossible to accomplish. B) easier to accomplish. C) more difficult to accomplish. D) neither easier, nor more difficult to accomplish.