题目内容
（请给出正确答案）
Who needs ESP courses most？
A．Working people.
B．College students.
C．Beginners.
D．Intermediate learners.
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更多“Who needs ESP courses most？A．W…”相关的问题
(A simple delegated monitor model) Consider a firm who needs $100,000 to initiate a project. The payout of this project is $150,000 with probability 80% and $95,000 with probability 20% at the end of two years. Suppose that there are 100 small investors each with $1,000 to invest. If the project is initiated, only the firm (borrower) knows the result of the project whiles the lenders can not see the results. Hence the lenders would need to monitor the borrower; otherwise the borrower would always report minimum result and just pay back $950 to each investor regardless of the outcome of the project. However, as long as one of the lenders pay $500 monitor fee to get the information on the results of the project, the information will be known to everyone and the firm will pay $1,500 to each investor if the project succeeds and $950 if the project fails. Assume all the investor have an extra $500 and the firm can not run away. a) Suppose the project is the only investment opportunity for all the small investors. Will the small investors lend directly to the firm? Will the small investor pay the monitor fee? Why or Why not? (Assume each investor knows that there are many other small investors with $1,000 to lend, but each investor lives in an isolated island and cannot coordinate with other investors, he or she can only communicate with the firm) b) Will the project be funded if the 100 small investors can form a credit union? If yes, what is rate of return on the investment? Based on your analysis in part a) and part b), what is major problem in the economy that prevent the project from initiating? How could the financial intermediation solve this problem? What is the special function of the financial intermediation in the economy?
A、higher; corporate earnings will be limited by the restrictions
B、higher; the bonds will be considered safer by bondholders
C、lower; the bonds will be considered safer by buyers
D、lower; corporate earnings will be higher with more restrictions in place
[A] Although I had difficulty in waking him
[B] Since I had difficulty in waking him
[C] Being difficulty in waking him
[D] Even if I had difficulty in waking him
[A] set back
[B] stood back
[C] held up
[D] kept down
[A] terrorist attack.
[B] government repress.
[C] blood feud.
[D] travel accident.
[A] has been accepted
[B] have been accepted
[C] was accepted
[D] were accepted
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