Medicare, Part B is
A. compulsory at a low premium.
B. voluntary at a low premium.
C. voluntary at a high premium.
D. compulsory at a high premium.
Answer: B
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Suppose you rent an apartment and are worried about a break-in that results in theft of your property. Suppose your monthly consumption level is currently $4,000 but a break-in would result in you having to finance your purchase of replacement property -- and this would reduce your current consumption to $2,000 per month. There is a 10% chance of a break-in. a. On a graph with "consumption" on the horizontal and "utility" on the vertical axis, illustrate a utility/consumption relationship that is consistent with risk averse tastes. b. On your graph, illustrate the utility in the "good" state, the utility in the "bad" state and the expected utility of facing the gamble. c. Which of these changes when the probability of a break-in increases to 20%?
d. A renter's insurance policy consists of a premium p and a benefit level b. What is (b,p) for full, actuarily fair insurance before and after the increase in risk? e. True or False: You are more likely to buy actuarily fair full insurance after the increase in risk than before. What will be an ideal response?
The financial sector of an economy includes which of the following components?
A) strengthening payment systems and regulatory agencies B) strengthening financial sector institutions C) attracting global capital and domestic savings D) both A and B
Consider a situation where economic theory suggests that you impose certain restrictions on your estimated multiple regression function
These may involve the equality of parameters, such as the returns to education and on the job training in earnings functions, or the sum of coefficients, such as constant returns to scale in a production function. To test the validity of your restrictions, you have your statistical package calculate the corresponding F-statistic. Find the critical value from the F-distribution at the 5% and 1% level, and comment whether or not you will reject the null hypothesis in each of the following cases. (a) number of observations: 152; number of restrictions: 3; F-statistic: 3.21 (b) number of observations: 1,732; number of restrictions:7; F-statistic: 4.92 (c) number of observations: 63; number of restrictions: 1; F-statistic: 2.47 (d) number of observations: 4,000; number of restrictions: 5; F-statistic: 1.82 (e) Explain why you can use the Fq,? distribution to compute the critical values in (a)-(d). What will be an ideal response?
The market for used cars is shown in the above figure. Buyers cannot tell whether any given car is a lemon. The percent of all cars that are lemons is ?. What value of ? is necessary for all cars to be sold?
What will be an ideal response?