Answer to Question 1
It refers to a person's preference for an uncertain deal over a certain deal with an equal expected value.
Answer to Question 2
Crowding out refers to a decline in private expenditures consumption, investment, and net exports as a result of an increase in government purchases. In the short run, an increase in government purchases results in partial crowding out of private expenditures, but in the long run, a permanent increase in government purchases results in the complete crowding out of private expenditures.
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