The Federal Reserve System has 12:
A. regional banks.
B. members on its Board of Governors.
C. member banks.
D. basic functions.
A. regional banks.
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The formula for the computation of labor productivity is
A) nominal GDP/number of workers. B) real GDP/number of workers. C) nominal GDP/population. D) real GDP/population.
Which of the following is TRUE regarding real GDP?
I. Real GDP is the value of the total production of the country's farms, factories, shops, and offices. II. Real GDP rises whenever inflation occurs. III. Real GDP does not measure all that is produced. A) I and II B) I and III C) II and III D) I, II and III
The reason that the Fisherman's Friend restaurant in Stonington, Maine had a monopoly on selling seafood dinners in that town is most likely due to
A) no competitors apparently found the profit level attractive enough to enter the market. B) the restaurant owned all the fresh seafood in the state. C) a government-imposed barrier. D) occupational licensing.
Assume that the utility function of an individual is represented as U = ?W - 0.001W; where W (his present wealth) = $250,000 . He considers investing in a gamble which would double his wealth if he wins but still leave him with $250,000 if he loses. Given that his probability of winning is 0.6, calculate his expected wealth from the bet
a. $300,000 b. $400,000 c. $250,000 d. $100,000