Someone who values a lottery at more than the expected value is
a. a risk lover
b. risk neutral
c. risk averse
d. one who tends to play lots of lotteries
a
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The Lorenz curve maps:
A. the cumulative percentage of the population against the cumulative percentage of income earned by those people. B. each quintile of the population in order of income-earned against the average income earned by those people. C. GDP per capita against what people really earn by quintile. D. None of these describes what the Lorenz curve maps.
The goods and services that count toward GDP are defined in terms of:
A. the location of production, not the citizenship of the producer. B. the citizenship of the producer, not the location of production. C. citizens producing within a country's borders. D. total production of companies owned by citizens, regardless of the actual location of production.
If the government legalizes the purchase and sale of marijuana, the equilibrium quantity would _________ and the price would ________ if the supply of marijuana increased by _______ than the demand for marijuana increased as a result of the legalization
A) rise; rise; more B) fall; rise; more C) rise; fall; more D) rise; rise; less E) none of the above
Entrepreneurs contribute to increased average labor productivity in each of the following ways except by:
A. introducing new production methods. B. implementing new technological processes. C. assigning workers to jobs. D. developing new products.