Doctors have ________ incentive to control their costs when consumers ________ for a visit to the doctor's office
A) more; only pay a deductible
B) less; only pay a deductible
C) less; pay entirely out of pocket
D) more; have a third-party payer that pays
Answer: B
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Two brands of water, Natural Water and Mountain Water, are close substitutes. If the price of Mountain Water decreases, the fall in price
A) shifts the demand curve for Natural Water rightward. B) shifts the demand curve for Natural Water leftward. C) increases the price of Natural Water. D) increases the demand for Mountain Water. E) More information is needed to determine if the demand curve for Natural Water shifts rightward or leftward.
In the market for used cars, if buyers and sellers have perfect information about the quality of cars, then
A) all cars will sell for the same price and there is no asymmetric information problem. B) all cars will sell for the same price and there is an asymmetric information problem. C) cars sell for their true value and there is no asymmetric information problem. D) all cars will sell for the same price and there is a moral hazard problem.
Assume that Y is normally distributed N(μ, σ2). To find Pr(c1 ≤ Y ≤ c2), where c1 < c2 and di = , you need to calculate Pr(d1 ≤ Z ≤ d2) =
A) Φ(d2) - Φ(d1) B) Φ(1.96) - Φ(1.96) C) Φ(d2) - (1 - Φ(d1)) D) 1 - (Φ(d2) - Φ(d1))
According to the text, the U.S. economy's four competing power blocs include all the following except
a. industrial b. agricultural c. international d. retail e. labor