Which of the Following Chances Has the Biggest Expected Return

question 97

Multiple Choice

Which of the following chances has the biggest expected return?

• A) a 60% chance of winning $2,400 and a 40% chance of winning $0
• B) a 100% chance of getting $1,200
• C) a 50% chance of winning $1,200, 20% chance of winning $2,400 and a 30% chance of losing $2,400
• D) All of the above have the same expected return.

Understand the role of key sociological theories and theorists in explaining social change, such as Durkheim and mass society theory.

Analyze the significance of terminology in sociology, like the preference for "collectivity" over "group."

Evaluate the equilibrium theory in understanding social change and its criticisms.

Differentiate between fashion, fads, and crazes with relevant examples.

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Definitions:

Budget Line

A representation of all possible combinations of two goods that an individual can afford given their income and the prices of the goods.

Income-Consumption Curve

A graphical representation showing how a consumer's optimal bundle of goods varies with changes in income.

Price Elasticity

A measure reflecting the impact of price variations on the demand for a particular product.

Telephone Wire

The physical medium through which electrical signals for voice communication are transmitted over distances, traditionally made of copper.