Suppose a consumer's expected utility function given two possible states of nature A and B can be expressed in terms of dollars worth of food consumption, F, in both states as U(FA, FB) = [0.6 × ln(FA)] + [0.4 × ln(FB)]. For this utility function, MUA is (0.6/FA) and MUB is (0.4/FB). Without insurance, the consumer can consume 200 in state A but only 50 in state B. The consumer can purchase insurance at a premium of 50 cents per dollar of benefit. How much insurance will she purchase?

Which of the following is true?

A. Most of the export and import trade of the United States is with less developed nations B. The United States is fully dependent on other nations for metals and chemicals C. Exports plus imports as a percentage of GDP is more than 50% for the United States D. The United States is almost entirely dependent on imports for bananas and coffee

This table shows the total costs for various levels of output for a firm operating in a perfectly competitive market.PriceQuantityTC$500$10.00$501$20.00$502$27.50$503$77.50$504$147.50$505$250.00According to the table shown, when 1 unit is produced:

A. marginal revenue exceeds marginal costs, and the firm should produce more. B. marginal costs exceed marginal revenue, and the firm should produce more. C. marginal revenue exceeds marginal costs, and the firm should produce less. D. marginal costs exceed marginal revenue, and the firm should produce less.