If a tripling of price triples the quantity of a good supplied, the price elasticity of supply for this good is:
A. 3.
B. 300.
C. 1.
D. ?1.
Answer: C
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A) $9,700 B) $9,800 C) $10,800 D) $11,700
Adverse selection tends to cause which of the following?
a. Placing a strain on the insurance system b. Requiring participation in insurance exchanges c. Mandating the payment of insurance premiums d. Increasing the size of insurance risk groups
On the Micronesian island of Yap, it is easier to make purchases with stone wheel currency than it is to make purchases with paper currency including the U.S. dollar
a. True b. False Indicate whether the statement is true or false
It would be more reasonable to use annual income data as an index of economic inequality if all of the households
a. filed tax returns and thus all their income were known. b. were different with regard to their age and size characteristics. c. were more similar with regard to size, age, education, and other major factors that are linked to income. d. were more similar with regard to their hair color, height, and weight.