Four possibilities have probabilities 0.4, 0.2, 0.2 and 0.2 and values $80, $30, $0, and -$80 respectively. The expected value is:
a. $22
b. $24
c. $26
d. $28
a
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Refer to the figure below. When the price is equal to 8, the price elasticity of demand for the demand curve D1 is ________ and for D2 the price elasticity of demand is ________. 
A. 1; 4 B. 4; 1 C. 2; 4 D. 4; 4
Use the following table to answer the question below. Giovanni's Production Possibilities ScheduleJorge's Production Possibilities SchedulePounds of Green BeansPounds of CornPounds of Green BeansPounds of Corn0160032040120202408080401601204060801600800If Giovanni and Jorge both specialize in the production of their respective low-cost goods, then the total production of corn equals ________ pounds and the total production of green beans equals ________ pounds.
A. 320, 320 B. 160, 320 C. 320, 160 D. 160, 160
The intertemporal budget constraint tells us that
A) the income earned in a lifetime will be evenly divided between consumption and saving. B) the present value of lifetime consumption equals the present value of lifetime income. C) household consumption is based on permanent income and not transitory income. D) consumption smoothing only occurs in years when income is greater than consumption.
Which of the following is not an example of inequality of opportunity?
a. The Indian caste system. b. The Japanese public education system. c. Jim Crow laws in the United States. d. South African apartheid.