The ratio of the percentage change in quantity demanded to the percentage change in income is known as the cross elasticity of demand.
Answer the following statement true (T) or false (F)
False
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Welfare reform in the U.S. was designed to change an entitlement program into a program that __________.
a. requires work in exchange for assistance for a limited time b. encourages those with lessor abilities to remain out of the work force c. helps low income families retain a sense of community
Suppose a presidential candidate makes a statement in a debate whereby he promises that he would encourage the Fed to permanently lower the unemployment rate to 3%
His opponent claims that this type of policy idea is mired in the 1960s and would only cause inflation. Explain what the opponent means.
The tendency for the poorest risks to buy health insurance and the tendency of the insured to take more risks with their health are known as
a. moral hazard and adverse selection, respectively b. the winner's curse and adverse selection, respectively c. adverse selection and natural selection, respectively d. adverse selection and moral hazard, respectively e. the winner's curse and moral hazard, respectively
The government giving the ownership of a pond to a citizen to reduce over fishing is a method to prevent _____
a. the free rider problem b. the tragedy of the commons c. asymmetric information d. deadweight loss