The sum of the possible outcomes of a gamble multiplied by their respective probabilities is known as:
A. the expected value of the gamble.
B. a fair gamble.
C. the variance of the gamble.
D. a better-than-fair gamble.
Answer: A
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Given the above equation, the income elasticity of demand for noodles is _____
a. 5 b. 0.5 c. 2 d. 2.5 e. 1.6
A progressive income tax system is particularly effective as an automatic stabilizer because
A. In a booming economy, taxpayers move into higher tax brackets, which restrains their spending. B. During a recession, it causes the budget deficit to fall. C. It falls more heavily on taxpayers with high MPCs, which stimulates aggregate demand. D. It reduces demand when income falls.
In the short run, the marginal-revenue product curve is ________ because of ________.
A. downward sloping; diminishing returns B. upward sloping; increasing returns C. downward sloping; increasing returns D. upward sloping; diminishing returns
Steve is a professor of Economics at New York State University. He worked in India for a month. The income that he earned from India will be reported as ________ in the U.S. current account
A) factor payments B) exports C) transfer payments D) imports