Premiums based on experience ratings:
a. are illegal in most states in the U.S.
b. vary depending on the income of the insured.
c. are uniform across age groups.
d. are only used in property-casualty insurance underwriting.
e. are based on the loss experience of the insured group.
e. are based on the loss experience of the insured group.
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Find an example of the distinction between microeconomics and macroeconomics in today's headlines
What will be an ideal response?
On January 25, 2009, one U.S. dollar traded on the foreign exchange market for about 3.33 Romanian new lei. Therefore, one Romanian new lei would have purchased about ________ U.S. dollars
A) 0.30 B) 1.86 C) 2.86 D) 3.33
The marginal factor cost for labor is
A. The net gain to a monopolist seller of labor if an additional unit of labor is hired. B. The demand for labor. C. The change in total costs that results from a one-unit increase in the quantity of a factor employed. D. The supply of labor.
Farmer Jane grows wheat on land that is bought and paid for. She figures her profit per acre is $60 because she puts $30 of purchased inputs onto each acre, $10 worth of her time into working on each acre, and the harvested wheat sells for $100. Farmer Jane
a. has correctly calculated her economic profit. b. has forgotten to include the opportunity cost of the land in her calculation of profit. c. should not have included the value of her time in calculating profits. d. should not have included any costs in calculating her economic profit.