Bernoulli called the ____________ moral value
Fill in the blank(s) with the appropriate word(s).
Ans: Gamble's Utility
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The largest change in the unemployment rate from the beginning of a recession to the peak unemployment rate occurred during the recession beginning in:
A. 1929. B. 1973. C. 2007 D. 1980.
Which of the following should not be considered as an opportunity cost of attending college?
a. Expenses that are the same whether or not you attend college b. Lost salary c. Business lunches d. Interest that could have been earned on your money had you put the money into a savings account, rather than spent it on tuition e. Opportunities sacrificed in the decision to attend college
When the value of a human life is calculated according to the economic contribution a person makes to society (as reflected in her income-earning potential), the troubling implication is that
a. it is possible for a retired or disabled person to have no value to society. b. economists are more valuable than entrepreneurs. c. retired people who volunteer in their communities are more valuable than physicians. d. all workers have equal value.
Which of the following statements best represents the attitude of a consumer with a very inelastic demand toward various brands of coffee?
A. "All the brands are exactly the same. I always buy the cheapest." B. "Coffee is coffee; one brand is as good as the rest." C. "My brand is so superior to the rest of the brands that I'm willing to pay a bit more for it." D. "With my limited budget my favorite brand is usually the 'what's on sale' brand."