Consider the following game. You roll a 6-sided die and each time you roll a 1, you get $50. For all other outcomes you pay $10. The $50 when you "win" and the -$10 when you "lose" are known as
A. incentives.
B. winnings and losings, respectively.
C. payoffs.
D. expected values.
Answer: C
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Indicate whether the statement is true or false
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A) flatter, left B) flatter, right C) steeper, left D) steeper, right
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a. is to remove barriers to international trade b. is to establish property rights for valuable resources c. is to provide start-up capital to fledgling entrepreneurs d. is to encourage people to use online auction services
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a. True b. False Indicate whether the statement is true or false