According to classical economists, the only motive for demanding money is
a. to transact business activity
b. the precautionary demand for money
c. to speculate
d. hold M1
e. as insurance against unexpected needs
A
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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. Expected water consumption is:
A. 500. B. 250. C. 325. D. 175.
What would the Herfindahl-Hirschman Index equal for an industry consisting of 20 firms with each holding a 5% market share?
a. 20 b. 100 c. 500 d. 2,500
Game theory is best applied to the analysis of:
A. oligopoly. B. monopoly. C. perfect competition. D. All of the statements associated with this question are correct.
Earth Movers & Shakers operates 3 iron ore mines. The accompanying table shows each mine's total daily production and the current number of miners at each mine. All miners work for the same wage, and each miner in any given mine produces the same number of tons per day as every other miner in that mine. Total Tons Per DayNumber of MinersMother Lode10025Scraping Bottom3010Middle Drift7515 The opportunity cost of moving one miner from Middle Drift to another mine is:
A. 5 tons per day. B. 1 ton per day. C. 4 tons per day. D. 3 tons per day.