Economies with poorly defined property rights are often inefficient because
a. individuals spend time trying to protect their resources
b. there are no voluntary exchanges
c. all exchanges are voluntary
d. there are no side payments
e. of the absence of free riders
A
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Pablo must choose among options A, B, and C. Option A gives him $10,000 for sure. Option B gives him $4,000 with probability 0.5 or $16,000 with probability 0.5. Option C gives him $8,000 with probability 0.5 or $12,000 with probability 0.5
If he receives diminishing marginal utility from wealth, Pablo will A) choose option A. B) choose option B. C) choose option C. D) be indifferent among options A, B, and C.
An example of an investment is
A. the purchase of a share of Google stock. B. the purchase of a Hewlett Packard laser printer for use by a business. C. the purchase of an Exxon Mobil bond. D. all of the above.