What is an insurance premium?
An insurance premium is the price paid by an individual to sell the risk to the insurer, covering its payout if the disaster happens.
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As a percentage of GDP, U.S. imports have been ________ and U.S. imports have been ________ since 1950
A) growing; declining B) declining; growing C) growing; growing D) declining; declining
The fact that indifference curves are downward sloping
A) is not true. B) follows from the fact that more is preferred to less. C) follows from the property that the consumer likes diversity in his or her consumption bundle. D) follows from the property that consumption and leisure are normal goods.
In the following graph, the price of capital is $100 per unit. Which of the following combinations of capital and labor lies on the expansion path?
A. 35K, 140L B. 20K, 60L C. 50K, 200L D. all of the above E. none of the above
Centrally planned economies tend to grow more quickly than market economies
Indicate whether the statement is true or false