10) Given:

**I’S **= $900 , r = $700 ,** IH **= $1,600

If these are the only info we have, how can we describe this policy?

A) full

B) partial

C) less than partial

D) not enough information given

E) none of the above

11) Which of the following is true? With the assumption of risk-aversion, for a given expected income,

A) utility with no insurance > utility from partial insurance > utility from full insurance

B) utility with no insurance > utility from partial insurance = utility from full insurance

C) utility with no insurance = utility from partial insurance = utility from full insurance

D) utility with no insurance < utility from partial insurance > utility from full insurance

E) utility with no insurance < utility from partial insurance < utility from full insurance

12) The shape of total utility attributed to a risk neutral individual is

A) a straight line downward-sloping curve

B) is a straight upward-sloping line

C) is a line curving up with increasing slope

D) is a line curving up with decreasing slope

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