The key economic difference between expected utility and expected value is that
A) expected value only considers the value of outcomes, whereas expected utility considers the tradeoff between value and risk.
B) expected utility only considers the value of outcomes, whereas expected value considers the tradeoff between value and risk.
C) expected utility is the maximum value obtained, whereas expect value is the mean of the values from a set of possible outcomes.
D) None of the above—the differences are mathematical not economic.
A
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Which of the following is the largest union in the United States?
A) International Brotherhood of Teamsters B) International Brotherhood of Electrical Workers C) National Education Association D) American Federation of State, County, and Municipal Employees
Double counting in the resource cost-income approach to GDP refers to
a. corporate income being taxed twice b. the amount of income taxes paid to states that is taxable by the federal government c. calculating GDP twice using the income and expenditures methods d. adding the value of exports to GDP and subtracting the value of imports e. counting the total value of a final output in addition to the value of the inputs used to make it
The French highly value domestic production of traditional French cheese made by high-cost, traditional production methods. According to the specificity rule, the most efficient policy tool to protect this traditional industry would be
A. to impose an import tariff on cheeses produced in other countries. B. to tax French exports of non-traditional cheeses. C. to impose an import ban on cheeses produced in other countries. D. to provide a production subsidy to the domestic firms.
In an open economy, the price of a TV will be ________. 
A. $275 B. $125 C. $75 D. $175