When two people trade, one must lose for the other to win.
Answer the following statement true (T) or false (F)
False
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In the above figure, the inflationary gap can correctly be identified as
A) the difference between 125 and 120. B) the difference between 12.2 trillion and 12 trillion. C) LRAS minus SRAS. D) AD1.
When Jeff bought a house he also bought homeowners insurance, but when he bought a new dishwasher he refused to buy the repair insurance policy the store offered. Assuming Jeff is rational in his choices, which of the following is the most likely cause of his behavior?
A. The expected loss from dishwasher failure is less than the insurance premium and he can afford to absorb smaller losses. B. The probability of his house burning is greater than the probability a dishwasher failure. C. He switches back and forth between risk averse and risk loving preferences. D. He doesn't trust appliance insurers because they have no agent to relate to.