If someone has a high willingness to take on situations with risk, he is considered:
A. risk-averse.
B. risk-seeking.
C. low-risk.
D. high-compensation.
B. risk-seeking.
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You are studying with a friend and your friend says "A budget line shows the various combinations of two goods that can be purchased with the buyer's income at current prices." Is your friend's assessment correct or not?
What will be an ideal response?
Comment on the following statement: "The market demand for public goods is derived in the same way that the market demand for private goods is derived."
What will be an ideal response?
The expected value of a basket with different outcomes is
a. the average of the values of the different outcomes. b. the average of the values of different outcomes multiplied by the average of the probabilities of the outcomes. c. the sum of the values of the different outcomes. d. the sum of the value of each outcome multiplied by its probability.
If the economy produces 12 capital goods and 40 consumer goods,
Hypothetical Production Schedule for a Two-Product Economy
A. it is producing outside its production possibilities curve.
B. this combination of output will most likely result in economic growth.
C. the ability to produce more consumer goods can only be realized by sacrificing capital goods.
D. this economy has some unemployed resources.