Your friend Dimitre tells you that he thinks that his favorite basketball team has a 70% chance of winning the next game. This is an example of a(n)
A) objective probability.
B) subjective probability.
C) risk-averse statement.
D) Friedman-Savage preference.
B
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Alchemy was the attempt to discover a process by which base metals, such as lead, could be turned into gold. If an alchemist had been successful,
A) all the lead in the world would have been added to the world's gold supply. B) all the lead in the world would have replaced the world's gold supply. C) all the lead in the world would only have been added to the world's gold supply when it was converted to gold. D) the alchemist would likely have been killed by the owners of real gold.
When a firm's average revenue falls, the marginal revenue also falls and is less than the average revenue
a. True b. False Indicate whether the statement is true or false
The profit-maximizing firm should lay off workers when: a. MRC < MRP
b. MRC > MRP. c. MRC = MRP. d. the MP of labor begins to diminish.
OLI theory is a direct contradiction of trade theory, especially trade theory based on comparative advantage
Indicate whether the statement is true or false