When voluntary exchange takes place, only one party gains from the exchange
Indicate whether the statement is true or false
FALSE
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The above figure shows Bob's utility function. He currently has $100 of wealth, but there is a 50% chance that it could all be stolen. What is the most Bob would pay for insurance that would replace his $100 should it be stolen?
A) $30 B) $50 C) $70 D) $75
Variables X and Y are directly related if:
A. Y decreases while X increases. B. for every one unit increase in X there is the same decrease in Y. C. for every one unit increase in x there is a larger change in Y. D. Y increases whenever X increases.
The debt-to-GDP ratio will tend to decline over time when
A) r > g. B) r < g. C) the primary deficit increases. D) the initial level of debt increases.
Which of the following is most likely to be private property?
A. bees B. farm raised shrimps C. house flies D. winds