Microeconomics

Your friend Diana tells you that she thinks that her favorite softball

Your friend Diana tells you that she thinks that her favorite softball team has a 70% chance of winning the next game because that is exactly the winning rate of her team in the last two seasons. This is an example of a(n) A) objective probability. B) subjective probability. C) risk-averse statement. D) Friedman-Savage preference. […]

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Date: September 9th, 2020

The dollar value of the maximum amount one can consume over a given pe

The dollar value of the maximum amount one can consume over a given period without reducing the value of one’s wealth is the _____. a. definition of income used to approximate in-kind benefits b. Fisher definition of income c. Laffer definition of income d. Haig-Simons definition of income   ANSWER d  

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Date: September 9th, 2020

A special interest will be able to influence a legislature’s actions _

A special interest will be able to influence a legislature’s actions _____. a. only if there are not special interests on the other side of the issue b. if enough members of the legislature are corrupt c. up to the point where the marginal political support they provide equals the marginal political opposition of other […]

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Date: September 9th, 2020