Someone is considered to exhibit risk-seeking behavior if he:
A. will always choose the riskier venture when given two choices.
B. will only participate in high-risk situations.
C. has a high willingness to take on situations with risk.
D. has a low willingness to take on situations with risk.
Answer: C
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If there is no single strategy that is best regardless of other players’ behavior:
A. there is no dominant strategy. B. the dominant strategy will be to defect. C. a noncooperative equilibrium is the only possible outcome. D. the game is called a Prisoners’ dilemma.
Other things equal, if a full-employment economy reallocated a substantial quantity of its resources to capital goods, we would expect:
A. labor productivity to rise. B. present consumption to rise. C. a lower rate of growth of real GDP. D. future consumption to fall.
Purchasing common stock by writing a check best exemplifies money serving as a:
A. store of value. B. unit of account. C. medium of exchange. D. index of satisfaction.
In monopolistic competition, if a firm advertises and raises its product, it tends to:
A. Raise costs and increase demand for its product B. Raise costs and decrease demand for its product C. Lower costs and increase demand for its product D. Lower costs and decrease demand for its product