An individual who is a risk lover
a. values a lottery at more than its expected value
b. values a lottery at exactly its expected value
c. values a lottery at less than its expected value
d. tends to play lots of lotteries
a
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Government in the United States spends more as a percentage of GDP than in most other industrialized nations.
Answer the following statement true (T) or false (F)
The Federal Reserve can:
A. only set a money supply target that is consistent with a nominal interest rate target, and vice versa. B. only target the nominal interest rate, not the money supply. C. simultaneously set independent money supply and nominal interest rate targets. D. only target the money supply, not the nominal interest rate.
Graphically, all else constant, a decrease in the price of labor would be illustrated by:
A) a parallel shift of the isocost line in toward the origin. B) rotating the isocost line away from the origin along the labor axis. C) a parallel shift of the isocost line away from the origin. D) rotating the isocost line in toward the origin along the capital axis.
Product differentiation refers to:
A. the process of creating a standardized product with a lower-cost method than the competitors' method. B. firms who offer similar products to their competitors' products, but that are more attractive in some way. C. consumers who sort and group goods based on similar characteristics. D. the process of informing the public of differences in products as a result of error.