The more differentiated the product,
A. the more elastic the demand.
B. the more inelastic the demand.
C. the more the entire demand curve shifts right.
D. the more the entire demand curve shifts left.
B. the more inelastic the demand.
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Assume Brandon's benefit function for water is S(W) = ?W and he consumes water both in droughts, WD, or in the rainy season, WR. Assume his current consumption bundle is WD = 400 and WR = 100 and the probability of drought is 0.75. Brandon's certainty equivalent is:
A. 250 units of water. B. 306.25 units of water. C. 18.75 units of water. D. 17.5 units of water.
A less advanced country can improve its productivity by:
a. repurposing b. imitating c. reusing d. redeveloping
When overall production is taken into account, trade restrictions, such as those enacted by the Smoot-Hawley trade bill,
a. save good paying jobs. b. neither create nor destroy jobs; they reallocate them. c. increase employment in the domestic industries that are most productive. d. reduce imports, without affecting the volume of exports.
The combining of two or more businesses into one is known as
a. a merger b. an acquisition c. a partnership d. a cooperation e. a joint venture