A person who is willing to take a bet with an expected value of one is called risk-neutral.
Answer the following statement true (T) or false (F)
False
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Nominal income:
A. Reflects the purchasing power of money. B. Is income adjusted for inflation. C. Is the amount of money income, measured in current dollars. D. Is the amount of money income, measured in constant dollars.
The principle that the cost of something is equal to what is sacrificed to get it is known as the:
A. marginal principle. B. principle of opportunity cost. C. principle of diminishing returns. D. reality principle.
The endpoints of an economy's production possibilities frontier (PPF) for goods X and Y are: (2,000X, 0Y) and (0X, 500Y). Furthermore, the opportunity cost between these two goods is always constant. Which of the following combinations of the two goods, X and Y, lies on the economy's PPF?
What will be an ideal response?
Which of the following is NOT an example of common property?
A) cable TV B) air C) gravity D) sunshine