Compared to the early 1950s, today farm output per labor-hour is
A. 20 times greater than it was then.
B. The same as it was then.
C. 20 percent less than it was then.
D. 10 times greater than it was then.
Answer: D
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If insurance companies are able to gather more and better information on their customers, this will
A) help reduce the problem of adverse selection but do nothing to help with the problem of moral hazard. B) help reduce the problem of moral hazard but do nothing to help with the problem of adverse selection. C) help reduce the problems of adverse selection and moral hazard. D) do nothing to help with the problems of moral hazard and adverse selection.
The standard deviation is appropriate to compare the risk between two investments only if
a. the expected returns from the investments are approximately equal b. the investments have similar life spans c. objective estimates of each possible outcome is available d. the coefficient of variation is equal to 1.0 e. none of the above
Real estate agents have been found to keep their own homes on the market longer and sell their homes for more than comparable homes of the individuals they represent. This phenomenon is best described by which of the following concepts?
a. Adverse selection b. Moral hazard c. Availability bias d. Time inconsistency
Economic profits are
A) total revenue minus explicit costs. B) total revenue minus implicit costs. C) total revenue minus explicit and implicit costs. D) total revenue minus accounting costs.