Deflation is a decline in the price level.

Someone who values a lottery at less than the expected value is

a. a risk lover b. risk neutral c. risk averse d. one who tends to play lots of lotteries

Low wages may be traceable to all of the following except one. Which is the exception?

a. low productivity b. too much saving c. unstable business climate d. poor education and training e. lack of adequate physical capital supplied to labor