The change in wealth during a period equals:
A. saving - capital gains + capital losses.
B. public saving + private saving - transfers.
C. saving + capital gains - capital losses.
D. saving - investment + capital gains - capital losses.
Answer: C
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If the price elasticity of demand is elastic, then:
a. Ed < 1. b. consumers are relatively not very responsive to a price increase. c. an increase in the price will increase total revenue. d. there are likely a large number of substitute products available.
A point lying inside the production possibilities curve [PPC] is not an attainable combination
a. True b. False Indicate whether the statement is true or false
a. The buyer has more information than the seller about whether they are high or low risk.
a. Asymmetric information b. Imperfect information c. Adverse selection d. Moral hazard
The use of coinsurance clauses and deductibles is an attempt by insurance companies to deal with the problem of:
A. moral hazard. B. non-payment of premiums. C. adverse selection. D. insufficient government regulation.