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Which of the following best explains why some people consider i…

  • Question 11c of 25 - Utility and risk-aversion

  • Maximum Attempts: 1
  • Question Type: Multiple Choice
  • Maximum Score: 2
  • Question: Which of the following best explains why some people consider it foolish to gamble while other people like to gamble?
  • Answers:
  1. Some people don't understand how to play the game.
  2. Gambling isn't legal in every state.
  3. Gambling involves too much risk for some people.
  4. Some people are able to win money at gambling.

The correct answer is: Gambling involves too much risk for some people. Different people have different levels of risk aversion, and this partly determines their attitude towards gambling.

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