The more risk averse someone is, the more they are willing to pay, past the _____________________, to insure against the uncertainty of loss
Fill in the blank(s) with the appropriate word(s).
Answer: fair insurance price
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The GATT prohibits quotas. Why didn't the United States or other countries try to stop the voluntary export restraint on automobiles implemented by the Japanese during the early 1980s?
a. At the time, the GATT did not prohibit quotas administered by the exporting country, that is, voluntary export restraints. b. Other countries did try to stop the voluntary export restraints but were unsuccessful in their efforts. c. The GATT only prohibited quotas after the WTO was established in 1995. d. The GATT only prohibits developing countries from using quotas.
Which statement is false?
A. The primary labor market includes jobs in the skilled crafts, management, and the professions. B. The dual labor market consists of the primary market and the secondary market. C. The dual labor market theory doesn't account for the huge middle level of occupations—nursing, teaching, social work, and non-college-graduate positions in insurance, banking, and retailing. D. None of the statements are false.
Assume that a consumer has a given budget or income of $12, and that she can buy only two goods, apples or bananas. The price of an apple is $1.50 and the price of a banana is $0.75. Refer to the information given above. If the consumer spent all of her
budget on just apples or just bananas, how many apples or bananas maximum would she be able to buy? A. 12 apples or 8 bananas B. 8 apples or 12 bananas C. 16 apples or 12 bananas D. 8 apples or 16 bananas
Among a set of alternatives with the same benefits, an individual is said to optimize if she chooses an alternative that:
A) has the lowest total cost. B) has the highest total cost. C) has the highest indirect cost. D) has the lowest opportunity cost.