Define what is meant to be risk-averse
What will be an ideal response?
It refers to a person's preference of a certain payoff over an uncertain one with the same expected value.
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Explain why some shifts to the aggregate demand curve are temporary and why some are permanent
What will be an ideal response?
Using a production possibilities curve, an economy that produces an output combination less than the maximum possible is depicted by a point located:
a. at the top corner of the curve. b. near the middle of the curve. c. at the bottom corner of the curve. d. outside the curve. e. inside the curve.
Describe the difference between intentional torts against persons and intentional torts against property. Include a minimum of three categories of both types of torts, and provide an example of each one in your own words.
A decrease in the economy's expected future income while holding today's income constant would
A. increase today's desired consumption and decrease desired national saving. B. decrease today's desired consumption and increase desired national saving. C. increase today's desired consumption and increase desired national saving. D. decrease today's desired consumption and decrease desired national saving.