High oil prices tend to harm the auto industry and benefit oil companies; therefore, high oil prices are an example of:
A. systematic risk.
B. neither systematic nor idiosyncratic risk.
C. both systematic and idiosyncratic risk.
D. idiosyncratic risk.
Answer: D
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In the above table, the average variable cost of producing 14 units of output is
A) $0.175. B) $5.71. C) $7.86. D) $10.00.
In the figure above, with no government involvement and if the colleges are competitive, what is the deadweight loss?
A) $12 billion per year B) $6 billion per year C) $4 billion per year D) zero
An economy experiencing an expansionary gap: a. operates in an environment in which labor shortages drive up money wages, real wages, and prices. b. has an excess supply of labor due to rising money wages and prices
c. will self-correct as rising money wages decrease faster than rising prices. d. will experience rising money wages and prices but falling real wages. e. will have excessive involuntary unemployment.
In the "Prisoners' Dilemma" game, an individual player is best off if: a. both prisoners confess
b. neither prisoner confesses. c. she confesses and the other prisoner does not. d. the other prisoner confesses, while she does not.