Examlex

Solved

-The Above Figure Shows the Utility of Wealth Curve for a Homeowner

question 160

Multiple Choice

  -The above figure shows the utility of wealth curve for a homeowner whose only possession is a $50,000 house. Which of the following statements is TRUE? A)  This person has diminishing marginal utility of wealth. B)  This person is not risk averse. C)  Risky situations cause this person no loss of utility. D)  None of the above are correct.
-The above figure shows the utility of wealth curve for a homeowner whose only possession is a $50,000 house. Which of the following statements is TRUE?


Definitions:

Imprinting

A form of rapid learning occurring at a particular life stage, where an animal forms an attachment to a certain object or organism.

Fixed-Action Pattern

A sequence of innate behaviors that is both unchangeable and, once initiated, carried to completion.

Learning

The process of acquiring new, or modifying existing, knowledge, behaviors, skills, values, or preferences through experience or education.

Nervous System

Organ system of humans that includes the brain, spinal cord, sense organs (eyes, ears, etc.), and associated nerves. Receives, integrates, and stores sensory input; coordinates activity of other organ systems.

Related Questions