Jon is risk averse. When he buys insurance against all risks, then
A) he knows his wealth with certainty.
B) his utility exceeds his expected utility.
C) his wealth exceeds his expected wealth.
D) all of the above.
A
Economics
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According to Okun's law, if the cyclical unemployment rate increases by 3 percentage points, real GDP growth will decrease by about 3 percentage points
Indicate whether the statement is true or false
Economics
A(n) _____ is a budget philosophy that was followed prior to the Great Depression that aimed at matching annual revenues with outlays, except during war time
a. annually balanced budget b. annual surplus budget c. biennial deficit budget d. biennially balanced budget e. cyclically balanced budget
Economics