Nick worked for a large boat dealer for years but now he wants to start his own boat and accessories shop. All of the following are challenges he may face EXCEPT
a. being underfunded.
b. poor site selection.
c. inability to adapt to changing market demands.
d. not understanding legal and ethical responsibilities.
e. pricing mistakes.
Answer: c. inability to adapt to changing market demands.
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Bobby is offered a job as a salesperson in which there is a 50 percent chance that he will make $2,000 and a 50 percent chance that he will make $10,000. Bobby's utility of wealth curve is shown in the figure above. What is Bobby's cost of risk?
A) $1,000 B) $2,000 C) $3,000 D) $4,000
A firm operating at MC = MR must be making a profit.
Answer the following statement true (T) or false (F)
From an economic perspective, when a consumer decides to buy more life insurance, the consumer has most likely concluded that the:
A. opportunity costs of more insurance coverage are greater than the payment for more insurance coverage. B. marginal benefits of more insurance coverage are greater than the marginal costs. C. marginal benefits of more insurance coverage have decreased. D. marginal costs of more insurance coverage have increased.
Which of the following appears as a liability on the Federal Reserves balance sheet?
A) U.S. government securities owned outright B) Commercial bank deposits C) Gold certificates D) Cash items in the process of collection