Someone who values a lottery at less than the expected value is
a. a risk lover
b. risk neutral
c. risk averse
d. one who tends to play lots of lotteries
c
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If two perfectly competitive firms produce the same quantity at the market price, then, at that quantity, they must have the same
a. marginal cost and average total cost b. marginal cost and average fixed cost c. average total cost and average fixed cost d. average fixed cost and average variable cost e. marginal cost
Which of the following statements is false?
A) Real GDP in the United States was approximately seven times greater in 2012 than in 1950. B) The U.S. population was approximately twice as large in 2012 than in 1950. C) Nominal GDP in the United States was approximately seven times greater in 2012 than in 1950. D) Real GDP is GDP adjusted for price changes.
Any value of the money supply chosen by the Federal Reserve implies a specific value for ________.
A. government purchases B. potential output C. the budget deficit D. the nominal interest rate
Which of the following is an example of a nondurable good?
a. ice cream b. silverware c. motorcycle d. chair