Your utility function is given by U = M1/2. What is the expected utility of the following coin toss: heads you win $81, tails you win $100?
A. 0
B. 9.5
C. 19
D. 90.5
Answer: B
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The above figure depicts the market for video games. If the government imposed a $3 per game tax on sellers, what would be the new equilibrium price paid by consumers after the tax?
A) less than $27 per game B) $27 per game C) more than $27 per game. D) More information is needed to determine if the price is more than, less than, or equal to $27 per game.
A country temporarily producing a combination of 12 units of guns and 5 units of butter would be ________________ (outside/on/inside) the production possibilities curve.
Recessions occur at regular intervals and are possible to predict with much accuracy.
a. true b. false
If real GDP doubles in 35 years, its average annual growth rate is approximately:
A. 1%. B. 2%. C. 3%. D. 4%.