Refer to Figure 9-3. What is the value of revenue to foreign producers who are granted permission to sell in the U.S. market when there is a quota?
A) $12 million B) $17.25 million C) $20 million D) $44 million
D
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According to the budget line in the above figure, which of the following combinations is unaffordable?
A) 1 pizza and 3 CDs B) 3 pizzas and 2 CDs C) 2 pizzas and 4 CDs D) All of the above are affordable.
It is appropriate to use the supply-and demand-model if, in a market
A) everyone is a price taker with full information about the price and quality of the good. B) firms sell identical products. C) costs of trading are low. D) All of the above.
Each month, the Bureau of Labor Statistics calculates unemployment by
a. surveying all workers in the economy. b. surveying a random sample of households. c. making projections based on census data. d. surveying large business and government employers.
Abby buys health insurance because she knows that she has health risks that wouldn't be obvious to an insurance company. Brad buys home owners insurance and then is less careful to make sure he's put out his cigarettes. The example with Abby
a. and the example with Brad illustrate adverse selection. b. and the example with Brad illustrate moral hazard. c. illustrates adverse selection; the example with Brad illustrates moral hazard. d. illustrates moral hazard; the example with Brad illustrates adverse selection.