On any given day, a salesman can earn $0 with a 30% probability, $100 with a 20% probability, or $300 with a 50% probability. His expected earnings equal
A) $0.
B) $100.
C) $150.
D) $170.
D
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When crowding out occurs in an economy, it can reduce expenditures for
A. business investments. B. both consumer purchases and business investments. C. consumer purchases. D. government purchases.
Which of the following will possibly cause a leftward shift in the production possibility curve, representing good X and good Y?
a. A decrease in a country's GDP b. An increase in the price of good X c. An increase in the price of good Y d. A decrease in the price of good Y e. A decrease in the price of good X
Suppose potatoes were produced in Canada by many, many firms in perfect competition. In Belgium, only one firm produces potatoes for the Belgium market. Suppose as well that for the competitive firms and the monopoly, minimum ATC is the same. We would expect then, that in Belgium the price of potatoes is _____________ and ____________ potatoes are produced and sold than in Canada
a. higher; more b. lower; more c. higher; fewer d. lower; fewer e. the same; fewer
If a country's saving rate declined, then other things the same, in the long run, the country would have lower productivity and lower real GDP per person.
a. true b. false