A _____________ person would rather have a definite lower income than take a risk which entails the same expected value
Fill in the blank(s) with the appropriate word(s).
Ans: risk averse
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When the consumption schedule is plotted on a graph,
A. consumption is on the horizontal axis and disposable income is on the vertical axis. B. consumption is on the horizontal axis and saving is on the vertical axis. C. consumption is on the vertical axis and saving is on the horizontal axis. D. consumption is on the vertical axis and disposable income is on the horizontal axis.
Following a tax cut by government, domestic investment will ________ and net exports will ________
A) increase; decrease B) decrease; decrease C) increase; increase D) decrease; increase
The Gini coefficient is calculated by measuring the area between:
A. the line of perfect inequality and the Lorenz curve. B. the line of perfect equality and the Lorenz curve. C. the Lorenz curve and the x-axis. D. the Lorenz curve and the y-axis.
What is the difference between sunk costs and marginal costs?