Jim Knew Instinctively That His Professor Wouldn't Appreciate It If

question 111

Multiple Choice

Jim knew instinctively that his professor wouldn't appreciate it if he brought his single scoop of vanilla ice cream into the lecture hall with him.He could almost hear the inevitable question,"Did you bring enough for everyone?" To avert such an embarrassment,he practically inhaled his frozen confection as he raced down the hall.He had eaten ice cream in this fashion before and knew he would soon have an ice cream headache,which could be described as:

• A)high in consequence and high in probability.
• B)low in consequence and low in probability.
• C)low in probability and high in consequence.
• D)high in probability and low in consequence.

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Definitions:

Consumption Expenditures

Spending by households on goods and services, with the exception of purchases of new housing.

Effective Marginal Tax Rate

The rate at which an additional dollar of income gets taxed, taking into account the impact of all applicable tax brackets.

Income

Money received on a regular basis from work, investments, business ventures, or other sources.

Medicaid Benefits

Medicaid Benefits are health care program benefits provided by the state and federal government to eligible low-income adults, children, pregnant women, elderly adults, and people with disabilities.