uncertainty

uncertainty

University

14 Qs

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uncertainty

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Assessment

Quiz

University

Practice Problem

Hard

Created by

Lim Thye Goh

Used 240+ times

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14 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

 Expected income for the first year is: 

highest in accounting. 

highest in mathematics. 

higher in English than in mathematics. 

higher in political science than in economics. 

highest in economics. 

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Ranked highest to lowest in expected income, the majors are:

economics, accounting, English, mathematics, political science.

mathematics, English, political science, accounting, economics.

economics, accounting, mathematics, English, political science.

English, economics, mathematics, accounting, political science.

accounting, English, mathematics, political science, economics.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The information in the table below describes choices for a new doctor. The outcomes represent different macroeconomic environments, which the individual cannot predict.


Refer to Table 5.3. The expected returns are highest for the physician who:

works for an HMO.

opens her own practice.

does research.

either opens her own practice or does research.

either works for an HMO or does research.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

In Table 5.3, the standard deviation is:

highest for the HMO choice, and it is $76,000.

lowest for the HMO choice.

higher for owning one's own practice than for going into research.

higher for the HMO choice than for going into research.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Refer to Scenario 5.5. The expected cost to the firm if it does not fix the car is:

$0.

$24 million.

$7.9 million.

$2 million.

$3.6 million.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Other things equal, expected income can be used as a direct measure of well-being:

always.

no matter what a person's preference to risk.

if and only if individuals are not risk-loving.

if and only if individuals are risk averse.

if and only if individuals are risk neutral.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A person with a diminishing marginal utility of income:

will be risk averse.

will be risk neutral.

will be risk loving.

cannot decide without more information

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