The term "fiduciary" comes from the Latin fiducia, which means
A) value.
B) gold.
C) money.
D) trust or confidence.
D
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Catherine is risk-averse. When faced with a choice between a gamble and a certain level of wealth she will
A) always prefer the gamble. B) always prefer the certain level of wealth. C) prefer the gamble if the expected utility from it is higher than the utility from the certain level of wealth. D) prefer the certain level of wealth if the expected utility from the gamble is higher than the utility of the certain level of wealth.
A firm whose price is below its average cost:
a. is earning negative economic profit. b. is earning positive economic profit. c. is just breaking even. d. is earning zero economic profit. e. is earning zero accounting profit.
If MRP = MLC, the firm
a. is employing the optimal quantity of workers b. should decrease the quantity of labor it employs c. should lower the wage rate d. should increase the quantity of labor it employs e. should raise the wage rate
Which of the following would macroeconomics study?
a. a general rise in prices b. a decline in coffee prices c. the success rate of sandwich shops d. the work habits of students