What is the official definition of the poverty line? What are some causes of poverty?
The official definition of the poverty line is three times an economy food budget. One of the major causes of poverty includes a lack of education or skills necessary to be productive and in demand. Other factors include discrimination and bad luck.
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Risk averse individuals will diversify their investments because this will
a. increase their expected returns. b. provide them with some much-needed variety. c. reduce the variability of their returns. d. reduce their transactions costs.
Who wrote, "People of the same trade seldom meet together, but the conversation ends in a conspiracy against the public, or in some diversion to raise prices."?
a. Thomas Jefferson b. Adam Smith c. Bill Gates d. Robert Axelrod
This figure shows the payoffs involved when Sarah and Joe work on a school project together for a single grade. They both will enjoy a higher grade when more effort is put into the project, but they also get pleasure from goofing off and not working on the project. The payoffs can be thought of as the utility each would get from the effort they individually put forth and the grade they jointly receive.The game in the figure shown is a version of:
A. a repeated game. B. a sequential game. C. the prisoner's dilemma. D. the first-mover advantage.
You are a hotel manager considering four projects that yield different payoffs, depending upon whether there is an economic boom or a recession. The potential payoffs and corresponding payoffs are summarized in the following table. ProjectBoom (50%)Recession (50%)A$40-$20B-$10$30C$50-$50D$60$60The expected value of project A is:
A. $20. B. $10. C. $5. D. None of the answers are correct.