In a mixed strategy situation, like the "heads or tails" game, the players can maximize their income by randomly choosing head or tail each with a probability of:
a. 0.25
b. 0.5
c. 0.75
d. 1.0
B
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Under a gold standard system, central banks can follow an independent monetary policy
Indicate whether the statement is true or false
Speculative demand for money is a(n):
a. positive function of prices. b. inverse function of prices. c. positive function of interest rates. d. inverse function of interest rates. e. function of unexpected needs.
Are "smart cards" or E-cash cards part of the money supply?
a. Yes, because they can be given away to make a payment. b. Yes, because they will soon completely replace cash. c. No, because they are not issued by banks. d. No, because they are merely means to transfer checking deposits.
An empirical study determines that price exceeds marginal cost at the levels of output of firms in long-run equilibrium in the widget industry. The widget industry may therefore
A. be monopolistically competitive. B. have firms whose goal is sales maximization. C. have firms that act as price leaders. D. All of the responses are correct.