Amos Long's marginal utility of income function is given as: MU(I) = I1.5, where I represents income. From this you would say that he is
A) risk averse.
B) risk loving.
C) risk neutral.
D) none of the above
B
You might also like to view...
Use the following table to answer the next question.YearNominal GDPReal GDPPrice Index15,2004,800--25,500--11235,7505,000--What was real GDP in year 2?
A. $5,320 billion B. $4,911 billion C. $4,820 billion D. $4,875 billion
Which of the following would cause both the equilibrium price and equilibrium quantity of oysters (assume that oysters are a normal good) to decrease?
A) an oil spill that sharply reduces oyster output B) a decrease in consumer income C) a technological advancement in the production of oysters D) an increase in consumer income
Which of the following tends to make demand for a good more elastic?
a. A reduction in the number of substitutes for the good. b. Consumers have a long time to adjust to a price change. c. The amount spent on the good is a small proportion of the consumer's budget. d. The good is broadly defined. e. The good is a necessity.
The president of the Federal Reserve Bank of which district has a permanent vote in the Federal Open Market Committee?
a. San Francisco. b. New York. c. Chicago. d. Atlanta e. Boston.