What is meant by risk neutrality?
What will be an ideal response?
A person who is risk-neutral is indifferent to a "fair" bet; that is a bet that has zero expected value. They are neither risk-averse nor risk-seeking. People who are risk neutral do not care about risk and care just about expected value.
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Over time, the percentage of total employment in services has ________ and in agriculture, employment has ________
A) increased; increased B) decreased; increased C) stayed about the same; decreased D) stayed about the same; increased E) increased; decreased
The schedule of the amount of a product that consumers would be willing to purchase at alternative prices during a specific time period is the
a. total utility schedule. b. marginal utility schedule. c. supply schedule. d. demand schedule.
The most glaring economic problem in the former Soviet Union was
A. a shortage of military goods. B. a surplus of military goods. C. a shortage of civilian goods. D. a surplus of civilian goods.
As long as economic losses are being incurred in an industry, firms will ________ the industry and the supply curve will shift to the ________.
A. enter; right B. enter; left C. exit; right D. exit; left