Expected utility is the utility that arises from expected wealth
Indicate whether the statement is true or false
FALSE
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Which of the following would NOT allow society to move to point "h" in the above figure?
A) an improvement in technology B) more efficient use of current resources C) an increase in quantity of labor D) an increase in quantity of capital
A utility-maximizing consumer equalizes marginal utilities across all goods
a. True b. False
The basic principles of economics suggest that
a. markets are seldom, if ever, a good way to organize economic activity. b. government should become involved in markets when trade between countries is involved. c. government should become involved in markets when those markets fail to produce efficient or fair outcomes. d. All of the above are correct.
Every transaction concerning the importation of goods into the United States constitutes a
A) supply of foreign currency with no effect on the market for the dollar. B) demand for dollars with no effect on markets for foreign currencies. C) supply of foreign currencies and a demand for dollars. D) demand for foreign currencies and a supply of dollars.