Which of the following is not one of the three fundamental economic questions?
A. Where to produce?
B. For whom to produce?
C. How to produce?
D. What to produce?
Answer: A
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Which of the following best defines an optimum currency area?
A) a group of nations sharing the same currency B) a group of regions in close proximity to each other. C) a group of regions who operate under similar economic policies. D) a group of regions with economies closely linked by factor mobility and by trade in goods and services E) a group of nations that engage in free trade with each other
Assume that the utility function of an individual is represented as U = ?W - 0.001W; where W (his present wealth) = $250,000 . He considers investing in a gamble which would double his wealth if he wins but still leave him with $250,000 if he loses. Given that his probability of winning is 0.6, calculate his expected utility of taking the bet
a. 157 units b. 250 units c. 207.11 units d. 224.3 units