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Are the following true, false or uncertain? Explain why.
a. Many people buy insurance against their home burning down and also purchase lottery tickets for large prizes. (The insurance and lottery tickets both have negative expected value.)
These people cannot be maximizing the expected utility of their wealth.
b. Jenna owns $5000 worth of Microsoft stock and no other stocks. She is deciding whether to invest another $5000 from her chequing account in General Electric stock. If Jenna is risk averse, she should buy the General Electric stock in order to diversify her portfolio.
Weights of newborn babies in the United States are normally distributed with a mean of 3420 grams and a standard deviation of 495 grams. A newborn weighing less than 2200 grams is considered to be at risk. What fraction of newborn babies are in the “..
Mena would like to build a dam in the Grand Canyon of Western US to provide electricity to the nearby urban area of Las Vegas. Suppose the dam costs $800 million to build and is expected to generate $150 million of annual electricity production forev..
Given typically sloped supply & demand curves for a particular service, suppose now that the public's income rises. The most likely (definite) impact upon the new market equilibrium is that
Below are some economic data for Utopian (a nation that calculates Gross Domestic Product the same way that the USA does. Income earned in Utopian by foreign firms and residents = $120 billion
Gross Domestic Product equals $1.2 trillion. If consumption equals $690 billion, investment equals $200 billion, and government spending equals $260 billion, then:
High spending and low savings in the U.S. helps cause our balance of payments issues. President Carter took us off the gold exchange standard. Most economists support a return to fixed exchange rates, such as the gold standard. If the U.S. government..
During the Reagan administration, the Laffer curve was used to argue that:
What would be the effective rate of protection on bicycles in China if China places a 50 percent tariff on bicycles, which have a world price of $200, and no tariff on bike components, which together have a world price of $100?
According to the model of the macro economy in Figure 18.3, a shift from LRAS1 to LRAS2 will cause, ceteris paribus:
What's the impact of changes of the industry or economy, competitor actions on Forever 21 Company? What are the expectations of shareholders, stock analysts, and rating agencies from Forever 21 Company.
Strong economic (or business) regulations can cause which of the following? What is the investment trade off? Name and explain the ground work for good economic growth.
A firm is producing 100 units of its product. At this level of output the AVC=$80, and the ATC=$120. The firm is a price taker and the price for its product is $100. Assuming that the firm is maximizing profits and that labor is the only variable inp..
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