The dollar value of the maximum amount one can consume over a given period without reducing the value of one's wealth is the _____
a. definition of income used to approximate in-kind benefits
b. Fisher definition of income
c. Laffer definition of income
d. Haig-Simons definition of income
d
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Suppose the actual and expected price levels in an economy are initially equal. However, the actual price level falls eventually due to a change in economic conditions. Which of the following will occur over the long run?
a. The economy will move rightward along the short-run aggregate supply curve. b. The economy will move leftward along the short-run aggregate supply curve. c. The short-run aggregate supply curve will shift to the right. d. The short-run aggregate supply curve will shift to the left. e. The short-run aggregate supply curve will become flatter.
Which of the following is an example of a non-price provision in an automobile insurance contract that can reduce moral hazard?
a. A provision specifying that coverage is limited to 75 percent of the total damages caused by an accident. b. A provision that disallows medical claims by drunk drivers involved in accidents. c. A provision that restricts accident compensation to claims over $1,000. d. A provision requiring that the insured car carry certain safety devices like air bags.
If California were a separate economy, it would be the ____ largest economy on earth
a. second b. third c. fifth d. eighth
Countries that have a higher degree of economic freedom tend to
What will be an ideal response?