The utility function of wealth for a risk-seeker has
A. a slope that could be any of these since utility of wealth is unrelated to risk-seeking.
B. a decreasing slope as wealth rises.
C. a constant slope as wealth rises.
D. an increasing slope as wealth rises.
Answer: D
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The income elasticity of demand for skiing trips to Vermont is greater than one. Thus a trip to Vermont for skiing is ________ good
A) a normal B) an inferior C) a unit elastic D) a price elastic E) a price inelastic
In the table above, what inflation rate belongs in space B?
A) 17.0 percent B) 6.8 percent C) 8.3 percent D) -4.0 percent
A labor market differs from a product market because
a. in a labor market, firms are suppliers and households are demanders b. the usual laws of economics do not apply to labor markets c. supply and demand are only relevant for labor markets d. supply and demand are only relevant for product markets e. in a labor market, firms are demanders and households are suppliers
Which of the following activities would occur in a resource market?
a. Reesa buys a new computer to help balance her personal checkbook. b. Randy pays a speeding ticket. c. Ian mows his grass. d. Pam buys a ticket to the ball game. e. General Motors hires additional workers to run a third shift at its Flint, Michigan, factory.