Being risk averse means that you would be willing to pay ________ than the expected outcome in order to guarantee an outcome.
A. no more or less
B. more or less
C. more
D. less
Answer: C
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A firm practices input substitution when it
A. retrains Joe the welder as a painter and Pat the painter as a welder. B. buys extra machines for its workers to use. C. allows fixed cost to become variable. D. replaces unskilled labor with automated machinery.
"Government should do all it can to slow the process of global warming." Is this a positive or normative statement? Explain your answer
Explain whether the market produces too little, too much, or the right amount: (a) of goods with detrimental externalities; (b) of goods with public good characteristics
A supply side policy is designed to:
(a) Raise the level of demand in the economy. (b) Lower the demand for domestic goods in an economy. (c) Improve the ability of the economy to produce goods and services. (d) None of the above.