Answer the following statement(s) true (T) or false (F)

1. A risk-averse individual chooses to never place a bet.
2. Firms are more likely to exhibit risk-neutral behavior than are individuals.
3. Both ex ante and ex post preferences depend solely on the individual's tastes.
4. When a gamble is repeated many times, the average outcome is the expected value.
5. A risk-free basket has only one possible outcome.

1. False
2. True
3. False
4. True
5. False