Other things equal, expected income can be used as a direct measure of well-being
A) always.
B) no matter what a person's preference to risk.
C) if and only if individuals are not risk-loving.
D) if and only if individuals are risk averse.
E) if and only if individuals are risk neutral.
E
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When a resource has a perfectly inelastic supply curve
A) the amount of economic rent for this resource is determined by its supply. B) the amount of economic rent for this resource is determined by demand for the resource. C) the amount of economic rent for this resource is determined by the government. D) there is no economic rent being earned by this resource.
Between 1995 and 2015, the consumer price index for medical care grew more slowly than the rest of the prices in the economy.
Answer the following statement true (T) or false (F)