What is a fair game or fair bet?
What will be an ideal response?
A fair game or fair bet is one whose expected value is equal to zero.
Economics
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Checks are NOT money because they
A) are issued by banks, not by the government. B) are merely instructions to transfer money. C) have value in exchange but little intrinsic value. D) are not backed by either gold or silver.
Economics
The utility of a good or service:
A. is synonymous with usefulness. B. is the satisfaction or pleasure one gets from consuming it. C. is easy to quantify. D. rarely varies from person to person.
Economics