L. Frank Baum's classic 1900 children's book, The Wonderful Wizard of Oz, is
A) an allegorical rendition of the U.S. political struggle over silver.
B) an allegorical rendition of the U.S. political struggle over copper.
C) an allegorical rendition of the U.S. political struggle over both silver and gold.
D) an allegorical rendition of the U.S. political struggle over indebted farmers.
E) an allegorical rendition of the U.S. political struggle over gold.
E
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Does a person who works in a brothel sell productive services?
A) Yes, if the service is demanded. B) Yes, but only in states where brothels are legal. C) No, because the service is immoral. D) No, because the service does not help the overall economy.
Kate and Alice are small-town ready-mix concrete duopolists. The market demand function is Qd = 20,000 - 200P, where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year. Marginal cost is $80 per cubic yard. The Cournot model describes the competition in this market. What is Kate's marginal revenue function?
A. MR = 100 - 0.005QK - 0.01QA B. MR = 100 - 0.005QA - 0.005QK C. MR = 100 - 0.005QA - 0.01QK D. MR = 100 - 0.005QK - 0.005QA
Behaving strategically:
A. means recognizing that the actions of others will affect the trade-offs you face, and acting accordingly. B. is an essential part of game theory. C. involves rational decision making. D. All of these statements are true.
The main difference between European and American options is:
A. American option holders have more options than European option holders. B. European options cannot be resold. C. European option holders can exercise the option prior to expiration. D. holders of European options have more options than holders of American options.