Between 1820 and 1840 freight rates on western rivers declined drastically. The main reason for this drop in prices was _________
a. the decline in the price level.
b. tolls and other barriers to trade decreased.
c. the decline in monopoly power.
d. the frequent use of the steamboat.
d. the frequent use of the steamboat.
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The significant difference between adverse selection problems and moral hazard problems is
a. that adverse selection refers to bad luck, moral hazard refers to bad behaviors. b. that adverse selection applies to markets for goods, moral hazard applies to markets for services. c. only identifiable after an action has been taken. d. that in adverse selection one group of people starts out at a higher risk, while in moral hazard problems, people incur additional risks.
Which of the following is a good proxy for the measure of economic prosperity when GDP per capita data is unavailable?
A) Measurements of producer surplus B) Measurements of consumer surplus C) Measurements of balance of payments D) Measurements of urbanization
Income mobility is:
A. how much income is stored in offshore banks. B. the ability to improve one's economic circumstances over time. C. how likely the income associated with each job in the country will change in relative terms. D. how likely the income associated with each job in the country will increase over time.
Consider the following game. You roll a six-sided die and each time you roll a 6, you get $30. For all other outcomes you pay $6. Since the expected value of this game is $0, the game is called a(n)
A. fair bet. B. even game. C. zero sum game. D. gamble.