People generally buy insurance of any kind because they are
A. risk seeking.
B. risk neutral.
C. risk loving.
D. risk averse.
Answer: D
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In Econland total output is $8 billion, population equals 500,000 people, and, of these, 400,000 are employed workers. Output per person in Econland equals ________ and average labor productivity equals ________.
A. $20,000; $20,000 B. $16,000; $20,000 C. $20,000; $16,000 D. $16,000; $16,000
Engel's law suggests that as income rises, the demand for food
a. rises less than proportionately b. rises more than proportionately c. rises proportionately d. falls e. none of the above
Explain the essential difference between games in which moves are simultaneous and those in which moves are sequential
What will be an ideal response?
If a firm is a perfectly competitive purchaser of factor inputs and the wage rate is $5, the marginal factor cost for labor is
A) greater than $5. B) less than $5. C) $5. D) indeterminate.