In the First Centuries of the Republic, the Consuls

question 39

Multiple Choice

In the first centuries of the Republic, the consuls

• A)could make decisions on their own.
• B)were primarily concerned with economic matters and issues involving foreign citizens.
• C)were elected for life.
• D)initiated legislation but had no control over the army.
• E)possessed the authority to nominate a dictator who would have absolute power for up to six months during an emergency.

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Definitions:

Expected Utility

A strategy in economics and game theory where individuals choose the option with the highest expected benefit, taking into account all future outcomes.

Risk-neutral

Refers to a mindset or condition where an individual or entity is indifferent to risk when making investment decisions, focusing instead on the potential returns without giving additional weight to the possibility of loss.

Expected Utility

a theory in economics that quantifies how choices are made when outcomes are uncertain, aiming to maximize the expected utility rather than merely the expected monetary value.

Marginal Utility

The additional satisfaction or benefit (utility) a consumer receives from consuming one more unit of a good or service.