If the exchange rate between the U.S. dollar and the Russian ruble was 0.04 ($0.04 = one ruble), what would be the price in dollars of a bottle of Russian wine selling for 2,000 ruble?
a. $50
b. $80
c. $100
d. $500
B
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Insurance companies
A) pool risk and thereby lower people's utility. B) can earn a profit only if people are risk neutral. C) can increase risk averse people's utility. D) try to shift their customers' utility of wealth curves downward.
Of the three players in the money supply process, most observers agree that the most important player is
A) the United States Treasury. B) the Federal Reserve System. C) the FDIC. D) the Office of Thrift Supervision.
Takumi decides to hold on to his money instead of putting it in an interest-bearing savings account. Which of the following most likely caused him to do this?
a. Interest rates dropped. b. Interest rates soared. c. The bank eliminated penalties for early withdrawals. d. The banks opened a more convenient branch.
Suppose that in 2012 MBI Corp. produced 100 million units of a good at an average cost of $6, and in 2013 MBI Corp. expanded its plant capacity and produced 200 million units at an average cost of $6.20. In this range, one can conclude that MBI Corp. is experiencing:
A. economies of scale. B. diseconomies of scale. C. neither economies of scale or diseconomies of scale. D. increasing marginal product.