Risk aversion:
A. is the same for everyone.
B. is an unusual type of preference.
C. is an aspect of an individual's preferences.
D. All of these statements are true.
C. is an aspect of an individual's preferences.
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What is the relationship between government and coercion?
A) Government achieves its objectives exclusively through coercion. B) Government aims at minimizing the use of coercion in society. C) Government is generally granted the exclusive right to coerce adults. D) Only governments use coercion.
Which of the following is an entity of the Federal Reserve System?
A) the U.S. Treasury Secretary B) the FOMC C) the Comptroller of the Currency D) the FDIC
If you are at an all-you-can-eat buffet dinner and you are considering whether to eat another dessert, you, as a rational consumer should decide to eat the desert
A. no matter what because you want to get more for your money. B. if it brings you more pleasure than the price you paid for the meal. C. if it brings you any pleasure at all. D. if it brings you as much pleasure as the desert costs if it is ordered a la carte.
Increasing cost industries are consistent with ________ in the long run.
A. the law of supply. B. the law of diminishing marginal product. C. the law of demand. D. None of these are correct.