A situation in which a single individual can provide a private good is known as the volunteer's dilemma
Indicate whether the statement is true or false
FALSE
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Real GDP is not a perfect measure of economic well-being because it excludes the value of all of the following except:
A. goods and services produced in the underground economy. B. goods and services available in the market economy. C. leisure time. D. nonmarket economic activity.
Pricing insurance policies is made difficult because buyers have more information than sellers. This difficulty is an example of
A) adverse selection. B) asymmetric information. C) the free-rider problem. D) moral hazard.
Risk sharing is profitable for financial institutions due to
A) low transactions costs. B) asymmetric information. C) adverse selection. D) moral hazard.
All of the following utility functions rank bundles (q1,q2 ) in the same order except for which one?
A) q11/2 + q21/2 B) q11/2 q21/2 C) ln(q1 ) + ln(q2 ) D) All of the above rank bundles (q1,q2 ) in the same order