A person with diminishing marginal utility of wealth is risk averse
a. True
b. False
Indicate whether the statement is true or false
True
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Equilibrium expenditure is
A) the amount of aggregate expenditure at which aggregate planned expenditure exceeds real GDP. B) the amount of aggregate expenditure at which aggregate planned expenditure equals real GDP. C) when unplanned inventory change is positive. D) when unplanned inventory change is zero or negative. E) the amount of aggregate expenditure at which aggregate planned expenditure is less than real GDP.
The state legislature has cut Gigantic State University's appropriations. GSU's Board of Regents decides to increase tuition and fees to compensate for the loss of revenue. The board is assuming that the:
A. demand for education at GSU is elastic. B. demand for education at GSU is inelastic. C. coefficient of price elasticity of demand for education at GSU is unity. D. coefficient of price elasticity of demand for education at GSU is greater than unity.