Money is defined as
A. anything people generally accept in exchange for goods and services.
B. any financial instrument that is backed by gold.
C. a person's net worth.
D. a by product of a barter economy.
Answer: A
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Moral hazard occurs when the parties on once side of the market, who have information not known to others, self select in a way that adversely affects the parties on the other side of the market.
Answer the following statement true (T) or false (F)
An indication that Insurance companies anticipate adverse selection is
a. they do not require a deductible b. they do not classify clients into different risk types according to their claim history c. they classify clients into different risk types according to pre-existing conditions d. they do not require a co-payment
Which of the following would not lead to higher concentration in an industry?
A. A large number of firms have entered the market. B. Some firms have become technologically superior. C. Larger firms gain control of important resources, squeezing out smaller firms. D. Innovation increases plant size of some firms and lowered their average costs.
An economic slow-down would cause the labor:
A. supply curve to shift left. B. supply curve to shift right. C. demand curve to shift left. D. demand curve to shift right.