Refer to the table below. The expected value of the price of the input in Country A is ________ the expected value of the input in Country B and the extent of the variation in price in Country A is ________ than the extent of variation in price in Country B.
The above table provides the probability distribution of price of an input next year in Country A and Country B.
A) the same as; greater
B) less than; less
C) the same as; less
D) greater than; greater
C) the same as; less
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As incomes rise, the income elasticity of demand for food
a. falls below one b. becomes equal to one c. rises above one d. remains stable e. cannot be calculated
According to Walton and Rockoff, the primary reason for the demise of the canal system was
a. excessive reliance on individual entrepreneurs so that a system of canals was never created. b. excessive government regulation that kept canal rates and profits too low. c. environmental damage from deforestation that left canals flooded at some times and dry at others. d. competition from the railroads.
A bubble or panic generally occurs in the stock market because of:
a. upswings in the business cycle. b. expansionary monetary policies undertaken by the government. c. irrational, or abnormal forecasts, or market valuations. d. an increase in the profitability of the firms. e. deliberate government actions to control inflation.
Monopolistic competition exists when there is one large firm in an otherwise perfectly competitive market
a. True b. False