When a physician understands the treatment options better than the patient
Insurance makes transactions complex because
A. it adds parties to medical transactions.
B. different insurers have different payment rules and rates.
C. different insurers have different claim forms.
D. All of the above.
D. All of the above.
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Moral hazard and adverse selection are both examples of
a. the principal-agent problem. b. externalities in consumption. c. efficiency in markets. d. perfect information. e. asymmetric information.
If a firm has no ______ costs, then the profit from shutting down is zero.
A. fixed B. variable C. opportunity D. sunk
Figure 9.1 shows three aggregate demand curves. A movement from curve AD2 to curve AD1 could be caused by a(n)
A) increase in the price level. B) increase in government spending. C) increase in the money supply. D) increase in taxes.
A political problem with discretionary fiscal policy is the
A. big-state bias. B. contractionary bias. C. overreaction bias. D. expansionary bias.