_____ occurs when unobservable qualities are valued incorrectly because of a lack of information
a. Moral hazard
b. Adverse selection
c. Conspicuous consumption
d. Marginal selection
e. Statistical discrimination
b
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According to the short-run Phillips curve, the unemployment rate and the inflation rate are
A) negatively related. B) unrelated. C) positively related. D) unaffected by monetary policy.
If the demand for a monopoly's output shifts rightward, the change in quantity produced is NOT predictable because
A) the monopoly is a profit maximizer. B) the monopoly is a price taker. C) the monopoly has no supply curve. D) the monopoly's marginal cost curve might not be upward sloping.
It is against the law in the United States for one person to hold positions on more than one board of directors at a time
a. True b. False Indicate whether the statement is true or false
Which of the following factors was NOT responsible for the decline in farmers as a percent of the U.S. population from after the Civil War to 1900?
A. Falling prices for corn, wheat, and cotton B. The demand for food outstripped supply C. New technology D. The government's liberal land policy that increased output