Salt, for example, as it is used in part of Ethiopia, is an example of
A) commodity money.
B) commodity-backed paper currency.
C) barter currency.
D) fiat money.
A
Economics
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Alvin's utility function is U = W. Barry's utility function is U = W2. Carl's utility function is U = W0.5. Each has wealth of only $100. An investment of that $100 has a 10% chance of netting $1,000 and a 90% chance of netting a loss of that $100. Who among the three will make the investment?
What will be an ideal response?
Economics
How does the law of demand reflect the law of diminishing marginal utility?
Economics