Rahul has a concave utility function. Therefore, if there are two choices he will pick the ________ if ________ expected value
A) fair bet; both have the same
B) less risky choice;both have the same
C) more risky choice; both have the same
D) less risky choice; it has a lower
B
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It is important to distinguish between the privately held portion of the national debt and the portion held by government agencies and the Federal Reserve system because
a. the government will not have to repay the privately held debt. b. only the privately held debt creates a net interest liability for the federal government. c. the privately held debt does not create a net interest liability for the federal government. d. taxes will have to be raised in order to pay the interest on the debt held by the Federal Reserve system.
The balance of trade is the value of:
A. total goods sold by the U.S. to parties abroad. B. total goods purchased by the U.S. from abroad. C. exports minus the value of imports. D. imports minus the value of exports.