Someone who values a lottery at more than the expected value is
a. a risk lover
b. risk neutral
c. risk averse
d. one who tends to play lots of lotteries
a
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Answer the following statements true (T) or false (F)
1. Probably the main characteristic of a demand curve is that it slopes upward from left to right. 2. Typically, the higher the price of a commodity, the greater the quantity supplied. 3. Price ceilings usually create surpluses since supply is increased. 4. Price floors can create surpluses if price floors are above market prices. 5. Price elasticity of demand is a measure of consumer responsiveness to a change in price.
Which is true?
a. M1 has been decreasing over the past six months b. The US dollar has value because it is accepted as payment for goods and services c. the US dollar is backed by US gold reserves d. all
According to neuroeconomists, our logical brain knows we should spend as much as possible when we have money
a. True b. False Indicate whether the statement is true or false
Optimal decisions are made on the basis of
a. rate of growth in total profit. b. average cost and average revenue figures. c. impact on market share. d. marginal cost and marginal revenue figures.