Property and casualty insurance companies are organized
A) both as stock and mutual companies.
B) only as stock companies.
C) only as mutual companies.
D) primarily as cooperatives.
A
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Using trade barriers to address labor standards does all of the following EXCEPT it
A) leads to deadweight losses. B) redistributes income. C) works more effectively for countries that are small relative to the total market. D) potentially makes conditions worse as production moves to the informal sector.
Gross national product (GNP) of the United States is the value of all final goods and services
A) produced anywhere in the world by residents of the United States. B) produced in the United States by residents of any nation. C) produced and consumed within the United States. D) produced anywhere in the world, but consumed by residents of the United States.
When the price of the product falls
a. consumer's surplus remains the same. b. producers' surplus increases. c. consumer's surplus falls. d. producer's surplus falls.
Suppose a consumer spends his income on CDs and DVDs. If his income decreases, the budget constraint for CDs and DVDs will
a. shift outward, parallel to the original budget constraint. b. shift inward, parallel to the original budget constraint. c. rotate outward along the CD axis because he can afford more CDs. d. rotate outward along the DVD axis because he can afford more DVDs.