Fiat money is backed by:
a. gold or silver
b. fractional reserves.
c. the promise of a bank to redeem it upon presentation.
d. the commodity in which it is denominated.
e. nothing.
e
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Miniville is an isolated town located on the southern shore of Lake Condescending, a very large lake. The western edge of Miniville is adjacent to impassable mountains and there are no towns or businesses for many miles to the east. The 300 residents of Miniville are evenly distributed along 3 miles of shoreline on the lake, east of the mountains. Lake Shore Drive, the only street in town, provides access to Miniville's homes and businesses. All residents live between the lake and the street; businesses locate on the other side of the street. Lake Shore Drive is 3 miles long, and the points labeled A, B, and C are 1, 2, and 3 miles from the western end of Lake Shore Drive, respectively. All residents of Miniville shop at the store located closest to their homes. src="https://sciemce.com/media/4/ppg__rrr0818190951__f1q362g1.jpg" alt="" style="vertical-align: 0.0px;" height="117" width="538" />If one store is located at A and the other store is located at C:
A. 100 people will certainly shop at each store, but where the other 100 will shop is indeterminant.
B. 100 people will shop at the store at A, and 200 people will shop at the store at C.
C. 200 people will shop at the store at A, and 100 people will shop at the store at C.
D. 150 people will shop at each store.
If the income per capita of United Kingdom is £23,800 and dollar/pound exchange rate (US$/£) is 1.68 in 2014, the income per capita of UK in US dollars in the same year is ________
A) $30,400 B) $22,829 C) $12,812 D) $39,984
In the short run, a monopolist will shut down when
a. average total cost is greater than price at all output levels b. average variable cost is greater than average fixed cost at all output levels c. price is greater than average variable cost at all output levels d. average fixed cost is greater than price at all output levels e. average variable cost is greater than price at all output levels
If the random walk theory is correct, a prudent investor might choose her stock portfolio by
a. throwing darts at the newspaper's financial page. b. spending money to consult a stock forecaster. c. spending time analyzing past stock performance. d. not investing in stocks at all, since price behavior is completely erratic.