An individual who is a risk lover
a. values a lottery at more than its expected value
b. values a lottery at exactly its expected value
c. values a lottery at less than its expected value
d. tends to play lots of lotteries
a
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In the natural monopoly case, the regulated price will be where
A. MC equals MR. B. MC crosses D. C. ATC crosses demand. D. MR is zero.
Factories and machines are examples of:
A. capital goods. B. consumption goods. C. non-market goods. D. value-added goods.
The law of demand states that there is
A) an inverse relationship between income and quantity demanded, ceteris paribus. B) a direct relationship between income and quantity demanded, ceteris paribus. C) no relationship between taste and quantity demanded, ceteris paribus. D) an inverse relationship between price and quantity demanded, ceteris paribus.
In August 1982, which of the following countries declared it was unable to service its foreign debt and thereby triggered a long-lasting crisis in international lending?
A. The United Kingdom B. Thailand C. The United States D. Mexico