________: a finite quantity of resources that is available to meet society's needs
Fill in the blank(s) with correct word
Scarcity
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All externalities are detrimental.
Answer the following statement true (T) or false (F)
Insurance companies try to mitigate the problem of adverse selection by:
A. charging a higher premium to groups with similar ages or behaviors that correlate with risky behavior. B. asking potential customers a seemingly endless list of questions to gain as much information as they can about the person's risk characteristics. C. charge a higher price to all individuals to cover the lack of information. D. All of these statements are true.
If citizens of a country are not saving much, it is better to
a. force citizens to save. b. reduce investment. c. have foreigners invest in the domestic economy than no one at all. d. prevent opportunities for citizens to buy capital assets abroad.
In contrast to development, growth refers to an increase in:
A. output with no change in productive capacity. B. output brought about by an increase in inputs. C. output brought about by a change in the production function. D. productive capacity with no change in output.