Individuals who are more risk averse
a. buy less insurance
b. buy more insurance
c. are not more or less inclined to buy insurance
d. are philosophically opposed to insurance
b
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A firm has the following production function:
q = (L1/3 + K1/3)3 a. Determine the returns to scale for this function. b. Determine the MRTS. c. Determine the Elasticity of Substitution.
An example of a U.S. export would be:
A. a French bottle of wine consumed by an American. B. an Apple computer purchased by a U.S. college student who plans to study abroad in France. C. a bushel of apples that Canadians pick and enjoy on a lovely fall day in Vermont. D. an Apple computer, made in the U.S., purchased by a French student.
A firm that charges a very low price would be practicing predatory pricing if
a. the price allowed only a small profit. b. the price would only be profitable if it succeeded in driving a rival out of the market. c. the price allowed profits that were positive but below those earned by other firms. d. it only offered the low price to its rivals' customers.
Among all countries in the world, the United States has the most income inequality
a. True b. False Indicate whether the statement is true or false