If a gamble has an expected value of zero, then it is termed a(n):
A. unfair gamble.
B. fair gamble.
C. better-than-fair gamble.
D. zero gamble.
Answer: B
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As a consequence of the problem of scarcity
A. only some people can "have it all." B. there is never enough of anything. C. individuals have to make choices from among alternatives. D. things that are plentiful have relatively high prices.
Refer to Figure 9.2. A movement from point b to point c could be caused by a simultaneous ________ and ________
A) decrease in taxes; decrease in the price of oil B) increase in the money supply; increase in the price of oil C) increase in taxes; decrease in government spending D) increase in the price of oil; massive crop failure
"The government should punish crimes and enforce voluntary agreements but not redistribute income.". This statement is most closely associated with which political philosophy?
a. liberalism b. utilitarianism c. libertarianism d. welfarism
Refer to the above table. The marginal utility of the 7th movie for Michael is
A. 15 units of utility. B. 35 units of utility. C. 20 units of utility. D. 435 units of utility.