(See Problem 2

question 8

Multiple Choice

(See Problem 2.) Willy's only source of wealth is his chocolate factory. He has the utility function , where p is the probability of a flood, 1 - p is the probability of no flood, and c_f and c_nf are his wealth contingent on a flood and on no flood, respectively. The probability of a flood is p = . The value of Willy's factory is $800,000 if there is no flood and 0 if there is a flood. Willy can buy insurance where if he buys $x worth of insurance, he must pay the insurance company $ whether there is a flood or not, but he gets back $x from the company if there is a flood. Willy should buy

• A) enough insurance so that if there is a flood, after he collects his insurance, his wealth will be the same whether there is a flood or not.
• B) no insurance since the cost per dollar of insurance exceeds the probability of a flood.
• C) enough insurance so that if there is a flood, after he collects his insurance, his wealth will beof what it would be if there is no flood.
• D) enough insurance so that if there is a flood, after he collects his insurance, his wealth will beof what it would be if there is no flood..
• E) enough insurance so that if there is a flood, after he collects his insurance, his wealth will beof what it would be if there is no flood

Recognize the methods used by indigenous peoples to record history and culture.

Understand the administrative and architectural achievements of the Inka Empire.

Explore the religious and societal functions of totemic and ceremonial art in North American indigenous cultures.

Evaluate the continuity and change in American indigenous art and cultural practices.

---

Definitions:

Gandhi

A preeminent leader of the Indian independence movement in British-ruled India, known for his philosophy of nonviolent resistance.

Flesh And Blood

A phrase used to emphasize that someone is a living human being with emotions and vulnerabilities, often used in a familial context.

Servant Leader

A leadership philosophy in which the main goal of the leader is to serve others, prioritizing the well-being of their team members and organization.

Selfish Goals

Objectives that are primarily focused on personal gain, often at the expense of others or the collective good.