An individual whose attitude toward risk is illustrated in Figure 5.1 is
A) risk averse.
B) risk loving.
C) risk neutral.
D) None of the above is necessarily correct.
B
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The substitution effect of a decrease in the wage will
A) decrease leisure, regardless of whether leisure is a normal or inferior good. B) increase leisure, regardless of whether leisure is a normal or inferior good. C) increase leisure only if leisure is a normal good. D) decrease leisure only if leisure is a normal good.
One of the most common uses of GDP is to:
A. see which country has the fairest distribution of wealth. B. measure the amount of money has been made in the economy. C. evaluate different standards of living across countries. D. track changes in an economy over time.
If the total deposits of the banking system are $400 billion, how much money could these reserves support if the required reserve ratio is 0.20 and banks hold no excess reserves?
A. $2,000 billion B. $400 billion C. $1,200 billion D. $1,600 billion
Economic Goals
What will be an ideal response?