Consider the following game. You roll a six-sided die and each time you roll a 6, you get $30. For all other outcomes you pay $6. What is the expected value of the game?
A. -$6
B. $0
C. $6
D. $30
Answer: B
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Marginal net benefits in the table:Control variableTotal BenefitsTotal CostsNet BenefitsMarginal BenefitMarginal CostMarginal Net BenefitQB(Q)C(Q)N(Q)MB(Q)MC(Q)MNB(Q)0000---190010080090010080021,700300C80020060032,4006001,800700E4004A1,0002,00060040020053,5001,5002,000500500F63,9002,1001,800D600-20074,2002,8001,400300700-40084,400B800200800-60094,5004,5000100900-800104,5005,500-1,00001,000-1,000
A. initially increase, reach a maximum, and then decrease. B. decrease at a constant rate. C. remain relatively stable over different values for the control variable. D. initially decrease, reach a minimum, and then increase.
An example of a U.S. export would be:
A. a French bottle of wine consumed by an American. B. an Apple computer purchased by a U.S. college student who plans to study abroad in France. C. a bushel of apples that Canadians pick and enjoy on a lovely fall day in Vermont. D. an Apple computer, made in the U.S., purchased by a French student.
A primary source of revenue for the federal government is the sales tax
Indicate whether the statement is true or false
In general, as units of resource inputs rise, the marginal revenue product
A. rises faster under imperfect competition than under perfect competition. B. rises faster under perfect competition than under imperfect competition. C. falls faster under perfect competition than under imperfect competition. D. falls faster under imperfect competition than under perfect competition.