PFL #12a Impact & Consequences of Gambling

Which of the following statements is an opportunity cost associated with gambling?

• Winning increases your desire to continue gambling.
• The lottery generates money for education in Oklahoma.
• If you spend more money at a casino, you can improve your odds of winning.
• If you spend your money at a casino, you cannot add it to your savings account.

Sam talks frequently about his gambling, bragging about how much he wins and how much he loses. He spends most of his free time either gambling online, at the horse races, or in a casino. Which of the following statements BEST describes his behavior?

• Sam may have a problem, but people should leave him alone because he is not hurting anyone.
• Sam is addicted to gambling and needs professional help to get control of his behavior.
• Sam has a problem, but he can stop any time he decides to do so.
• Sam enjoys gambling and is obviously winning more than losing; otherwise, he would stop.

Investing in the stock market is basically a form of

• dependent events.
• probability.
• . predictability.
• gambling.

Most gaming activities are based on

• luck.
• scientific information.
• predictability.
• strategy.

_____ implies that you have some knowledge about outcome of your choices.

• Gambling
• Predictability
• Strategy
• Probability

Money used for gambling

• always has a negative impact on you, your family, and society.
• is an economic incentive encouraging illegal and immoral behavior.
• should come only from your savings account and treated like a luxury purchase.
• should be budgeted as entertainment and not needed to pay bills, buy food or other necessities.

Playing the Powerball is an example of a(n) _____ event.

• strategic
• independent
• dependent
• gambling

Which of the following is a potential social benefit of gambling?

• Increased number of counseling jobs for people with gambling addiction.
• Increased number of attorneys needed for new bankruptcies.
• Increased revenue from advertising sales.
• Increased jobs in a local community.

Flipping a coin is an example of a(n) _____ event.

• strategic
• independent
• dependent
• gambling

_____ is the likelihood that something will happen.

• Gambling
• Predictability
• Strategy
• Probability